Let’s restore the personal income tax allowance, almost completely, we’ve modelled the sweet spot for maximum benefit to those in the lowest 20% income bracket - that’s a £3k a year rise, putting £600 a year back into the pockets of hard working families.
That creates significant growth, as well as tackling the cost of living crisis for millions of people - brings fairness into the tax system and results in a near half billion annual reduction in ‘in work benefits’.
The cost is £20 Billion a year - and it can be paid for by ending the payment of interest to banks for their deposits held with the Bank of England. This could save us £30 Billion a year.