threshold. and much. for our viewers, you about the threshold. and the much. for our viewers, you about the threshold. and the allowance. - much. for our viewers, you about the threshold. and the allowance. what l threshold. and the allowance. what is the difference? personal allowance and then we ve been talking about tax thresholds as well. , ,., . talking about tax thresholds as well. , ., ., ., ., . , ., well. the personal allowance is that first threshold. well. the personal allowance is that first threshold. everyone well. the personal allowance is that first threshold. everyone who - well. the personal allowance is that first threshold. everyone who earns| first threshold. everyone who earns a wage in the uk can earn 12500 and 70p and not pay a penny of income tax on that money. the problem for us is when inflation starts to push our wages up, us is when inflation starts to push ourwages up, and us is when inflation starts to push our wages up, and we are earni
before the next general election. so there is a lot riding on this and after the chancellor delivers his statement, we will hear from the labour party, they will deliver a response in the house of commons to that budget as well. joining me now is our political correspondence who is our political correspondence who is at downing street as well. we saw the chancellor depart from number 11 in the last 20 minutes or so, that budget firmly inside that red box. i was saying earlier, i did a story years later about those red boxes and how they are made, a secretive process, and they are very heavy, about three kilograms, so it takes a muscle to hold that up! we knew some of what is in the box, we knew about the 2p reduction in national insurance but what other rumours swirling around westminster? it is interestin: swirling around westminster? it 3 interesting you mention swirling around westminster? it 1 interesting you mention the particle context around this because we think this
Years, fuel duty will be cut. not by one, not even by two, but by 5p per litre. with the cost of fuel for your tank and heating your home spiralling, vat will disappear on ways of making your home energy efficient and there s an extra £500 million for those who struggle most to pay the bills. yet these weren t drastic moves. the chancellor holding back because. we should be prepared for the economy and public finances to worsen, possibly significantly. interest on debt will tip £80 billion, more than the government spends day to day on schools, courts, prisons and borders put together. yet, although money is tight, rishi sunak vowed to undo some tax rises he s already put in place. from thisjuly, people will be able to earn £12,570 a year
As supporting everyone s income, and help for drivers was first. i want to help people now. today, i can announce, for only the second time in 20 years, i fuel duty will be cut. not by one, not even by two, but by 5p per litre. with the cost of fuel for your tank and heating your home spiralling, vat will disappear on ways of making your home energy efficient and there s an extra £500 million for those who struggle most to pay the bills. yet these were not drastic moves. the chancellor holding back because. we should be prepared for the economy and public finances to worsen, possibly significantly. interest on debt will tip £80 billion, more than the government spends day to day on schools, courts, prisons and borders put together.
Most to pay their bills. yet these weren t drastic moves. the chancellor holding back because. we should be prepared for the economy and public finances to worsen, potentially significantly. ..interest on debt will tip £80 billion, more than the government spends day today on schools, courts, prisons and borders put together. yet, although money is tight, rishi sunak vowed to undo some tax rises he s already put in place. from thisjuly, people will be able to earn £12,570 a year without paying a single penny of income tax or national insurance. and then, to more cheers on his own side, he promised a penny off income tax, but not now in time for the next election, still two years away. before the end of this parliament, in 2024, for the first