The Chancellor should announce a wide range of tax-cutting measures in the Budget - including a 1p cut in the rate of Income Tax, according to the MP Jonathan Gullis.
He told GB News: “What we're looking for is the Chancellor to cut taxes for individuals, but predominantly focusing on those hard-working families and those hard-working, small family-run businesses.
“Things like a 1p cut to the base rate of Income Tax, increasing the 40p threshold from £50,000 to £60,000 and things like the VAT registration threshold, which currently acts, as the Federation of Small Businesses have told us, as a barrier to 1.4 million small businesses in our country, from £85,000 to £250,000 which will help unlock growth, increased productivity and obviously hopefully see more jobs and increase wages created across our country.”
In a discussion during Breakfast with Eamonn Holmes and Isabel Webster, he continued: “What we’ve heard back from the Chancellor so far, and it is early stages, is that these are sensible ideas that are pragmatic.
“Obviously, we actually have in our document explained how we recover the overwhelming majority of the cost, some from the fiscal headroom, some from the savings that we're making to our reforms in welfare, and others such as actually trying to rebalance the higher education, further education sector, which we the New Conservatives have written about in the past as well.
“We reckon we could save £1.8 billion there alone by not allowing low value courses to continue as they have been for far too long.”
He added: “Ultimately, we believe there is a way to fund this, there is a way to deliver this, and this is the type of thing that will actually increase growth in our country as well as making sure that families are looked after.”
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