From the 2028/2029 financial year, income tax thresholds will be uprated in line with inflation once again, finally ending a freeze in place since 2022.
In the first Labour Budget for 14 years, chancellor Rachel Reeves says economic stability must be restored. But extending the income tax freeze would hurt working people, the chancellor said. Reeves, the UK's first female chancellor, has already confirmed that the National Living Wage will rise in April, with rates for over-21s set to go up to £12.21 an hour, an increase of 6.7 per cent. In addition, the National Minimum Wage will rise for people aged between 18 and 20-years old from £8.60 to £10. Apprentices will get the biggest pay bump, with hourly pay increasing from £6.40 to £...
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