creates windfall profits for low carbon electricity generation so from january the 1st we have introduced a new temporary 45% levy on electricity generators together this measure is raising £14 billion next year. finally i turned to business rates. it is an important principle that bills should accurately reflect market values so we will proceed with the revaluation of business properties from april 23 but i will soften the bill on the blow with a £14 billion tax cut over the next five years, nearly two thirds of properties will not pay a penny more next year and thousands of pubs, restaurants and small high street shops will benefit. this will include a new government funded transitional relief scheme called for by the cbi, british retail consortium, federation of small businesses benefiting 700,000
you ideal logically in favour of. you have ideal logically in favour of. you have taken labour party policy and replicated have taken labour party policy and replicated it. i don t accept that. replicated it. i don t acce -t that. . i don t accept that. but it is true. if anything i don t accept that. but it is true. if anything you i don t accept that. but it is true. if anything you have i don t accept that. but it is true. if anything you have gone - i don t accept that. but it is true. if anything you have gone further than labour. what people in business to tell than labour. what people in business to tell me than labour. what people in business to tell me is than labour. what people in business to tell me is if your aim is to bring to tell me is if your aim is to bring debt to tell me is if your aim is to bring debt as a percentage of gdp down, bring debt as a percentage of gdp down, don t forget about the growth. there down, don t forget about the growth.
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
we ve been able to almost survive with the assistance that s come through from the government. that this is almost going to be taken away from us through no fault of our own is a very frightening, very worrying, very scary time for us as a young family. how are we going to make ends meet? how are we going to pay our bills? how are we going to pay for our gas and electric? i have absolutely no idea. now, there have been calls for energy companies making profits from the current high global energy prices to pay more tax. in may, the one off tax imposed on energy company profits known as the windfall tax was raised to 25%. today, the chancellor said it would go up again to an extra 35% from next january, and it would be expanded to include other electricity generators, and last until 2028. jeremy hunt said together, he expected the measure to raise £14 billion next year alone. but companies and business groups say it could deter vital investment in renewables. there will be some conc
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