It has been reported that the Chancellor, Rachel Reeves, has dropped plans to increase income tax rates in the budget.
Janet Finch-Saunders, the Member of the Welsh Parliament for Aberconwy, welcomes this report, commenting:
“The reports of the Chancellor U-turning on the decision to increase income tax rates are very welcome. Since the last tax increases imposed by the Chancellor, such as the rise in employers’ National Insurance contributions, many businesses across Wales and the UK have been struggling to fill job vacancies due to increased costs. A lack of disposable income has also been cited as a cause of declining consumer spending.
“More needs to be done to put money back into people’s pockets. While the decision not to increase income tax rates is a step in the right direction, it does not go far enough.
“The Welsh Conservatives have pledged to cut income tax as part of their plan to Fix Wales and to Fix the Welsh Economy. Increasing disposable income will benefit the Welsh economy and local businesses, as people will have more money to spend locally.
“We need to strengthen our economy and make Wales, and the UK as a whole, an attractive place for business and investment.”
ENDS
Photo: Janet Finch-Saunders MS/AS
