Thousands of workers in Milton Keynes are set to receive a tax cut from TODAY as part of the Conservative Government’s plans to support with the cost of living.
The National Insurance Contributions starting threshold is rising by £3,000 to £12,570, meaning employees across the UK will keep more of what they earn before they have to start paying personal tax.
This will save a typical employee over £330 in the year from 6th July and is a move welcomed by Milton Keynes’ MPs Ben Everitt and Iain Stewart.
Ben Everitt, the MP for Milton Keynes North, said: “I’ve always believed the best way of supporting working people is by ensuring they can keep more of the money they earn so I’m pleased the threshold is being increased.
“Tax cuts are exactly what a Conservative Government should be doing and I’m delighted this will support people across Milton Keynes with the cost of living on top of the significant amount of support previously announced.”
Iain Stewart, the MP for Milton Keynes South, commented: ““The Government’s rise in the starting threshold for National Insurance Contributions comes into effect on the 6th July. This is one of many measures that this Conservative Government has announced to help constituents in Milton Keynes South.
“As we bounce back from the coronavirus pandemic and navigate the cost of living crisis, this will help employees have over an extra £330 a year in their pockets, something I know constituents will welcome.”
In further cost of living support millions of people across the country will get at least £1,200 this year, with over six million disabled people receiving an extra £150 and eligible pensioners benefitting from a £300 top-up payment.