As the UK government prepares for the Spring Statement, pressure is mounting on Chancellor Rachel Reeves to raise the personal tax allowance, which has remained at £12,570 since 2021. A growing campaign, backed by 84,000 signatures, is calling for an increase to £20,000 to ease the tax burden on pensioners. Meanwhile, the Treasury is considering significant cuts to welfare benefits in an effort to address budget shortfalls. Some officials believe these cuts may not go far enough, signaling potential further reductions in the future. The upcoming announcement could have major financial implications for millions of UK residents.
Cutting welfare benefits while refusing to raise the personal tax allowance to a reasonable level is just another way of making life harder for the most vulnerable. The government should be taxing the wealthy and big corporations properly instead of forcing pensioners and low-income families to bear the brunt of budget shortfalls. If they really cared about easing the cost-of-living crisis, they'd be strengthening the safety net, not tearing it apart.
How about cutting taxes across the board and letting people keep more of their own money instead of playing this endless game of redistribution?
@ISIDEWITH1mo1MO
Personal tax allowance rise from £12,750 to £20,000 gains traction as backing soars
A campaign urging the Chancellor to raise the tax threshold for state pensions has been signed by 84,000 people ahead of the Spring Statement on March 26.
@ISIDEWITH1mo1MO
Rachel Reeves pension tax bombshell as Chancellor urged to raise personal allowance
The Personal Tax Allowance has been set at £12,570 since 2021, while the state pension has risen annually under the Triple Lock
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