A quick thought: Goodbye to the 20% tax band?
Given that every rise in the personal allowance these days is met with an equivalent drop in the level at which the 40% rate kicks in (can’t have the rich benefiting, can we?), the logical extension of this policy is that the two will meet at around the £25,500 mark and the 20% band will completely disappear.
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In South Korea as in the UK they have a tax free amount of earnings and then progressive rate of tax to a maximum of 35%, however the individual can choose to have a flat rate of 20% on all earnings. I notice that the South Koreans aren’t exactly dying of starvation in the streets (that is more North Korea) and the standard of living is high, note to British Government, don’t you think that nationalised welfare might be a bit of a cock up? Just like any other nationalised industry? People wanting a decent standard of living in the UK have to have two pensions, the one which is paid for out of taxation and a second occupational/ private one. Don’t you think that there is something wrong there, the same with medicine, people having private health insurance and paying for the NHS. Utterly ridiculous.
£25,500
People make that money, do they?