AS14: Personal allowance to rise to £10,600

In his Autumn Statement speech on 3 December, George Osborne said the move would save working people £825 a year and "will take three and a half million of the lowest paid workers out of paying tax altogether". He said the move was the first step to raising the threshold to £12,500 by 2020, and, in a jibe at Labour, was "because we at this side of the House don't sneer at people who want to work hard". Osborne also confirmed the increase will be passed on in full to higher-rate taxpayers, pushing the threshold for the 40p band from £41,865 to £42,385 next year. "This is the first i...