Alok Sharma, the Member of Parliament for Reading West, has welcomed the Chancellor’s Spring Statement, which will cut taxes for families and businesses across Reading West.

In order to protect the UK’s economic recovery and help families with the cost of living, the Chancellor is delivering a new Tax Plan to reduce and reform taxes over the course of this Parliament–helping working people and supporting economic growth.

This Tax Plan delivers the biggest cut to personal taxes in over a quarter of a century. The measures taken include:

• Cutting fuel duty by 5p for twelve months, delivering a £5 billion tax cut for drivers. Along with the fuel duty freeze, this will save car drivers £100, van drivers £200, and HGV drivers £1,500 on average this year.
• Raising the National Insurance personal threshold from £9,500 to £12,570 from July, saving nearly 30 million workers a total of £6 billion.
• Cutting the basic rate of income tax from 20 pence in the pound to 19 pence in 2024, worth around £175 for a typical taxpayer.
• Raising the employment allowance to £5,000, delivering a £1,000 tax cut for eligible small businesses.
• Doubling the existing Household Support Fund to £1 billion, thereby helping the most vulnerable families with the cost of living.

Alok said:

“Today’s new Tax Plan will help families with the cost of living, create the conditions for private sector-led growth, and share the proceeds of growth fairly.”