£1,000 yearly tax cut for households

27 million people across the UK will benefit from a yearly tax cut worth hundreds of pounds from 6 January 2024.

This will mean that a household with two average earners will save nearly £1,000 per year.

In the past year, inflation has halved; the economy has recovered more quickly from the pandemic than first thought; and debt is on track to fall. With a renewed focus on the long-term decisions to strengthen the economy, the government is changing gear and cutting taxes for hard working people, giving them the opportunity to build a wealthier, more secure life for themselves and their families.