two principles. firstly, we are disposed with more and contribute more and secondly avoid tax rises that damage growth. although my decisions today do lead to a substantial tax increase but we have not raised headline rates of taxation and tax as a percentage of gdp will increase byjust1% over the next five years. i start with personal taxes. asking more from those who have more means that the first difficult decision i take on tax is to reduce the threshold on which the 45p rate becomes payable from £150,000 to £125,140. those earning £150,000 or more will pay just over £1200 more in tax every year. they also are taking difficult decisions on tax free allowances. maintaining at current levels the income tax personal allowance high rate threshold, a national insurance
means that the first difficult decision i take on tax is to reduce the threshold at which the 45p rate becomes payable from £150,000 to £125,140. those earning £150,000 or more will payjust over £1,200 more in tax every year. and something called for by the opposition there will be more windfall taxes on energy firms. i ve decided that from january 1st until march 28th, we will increase the energy profits levy from 25% to 35%. the structure of our energy market also creates windfall profits for low carbon electricity generation, so from january 1st, we ve decided to introduce a new temporary 45% levy on electricity generators. together, these measures raise £14 billion next year. the other half of his plan is for spending restraint discipline and efficiency, he called it. but there will be more
society is built. so he said just over half the measures he s planning will be tax increases. every earner will be affected, the thresholds at which tax is paid frozen for five years, but he highlighted that unlike liz truss s budget, taxes are not being cut for the richest. asking more from those who have more means that the first difficult decision i take on tax is to reduce the threshold at which the 45p rate becomes payable from £150,000 to £125,140. those earning £150,000 or more will payjust over £1,200 more in tax every year. and something called for by the opposition there will be more windfall taxes on energy firms. i ve decided that from january 1st until march 28th, we will increase the energy profits levy from 25% to 35%. the structure of our energy market also creates windfall profits for low carbon electricity