Davey promises tax cuts for millions if UK rejoins EU single market
Summary
The UK Liberal Democrats, led by Sir Ed Davey, promise to cut taxes for millions if they win the next general election and the UK rejoins the EU single market. Their plan includes raising the tax-free allowance to £15,000 and increasing the 40p income tax threshold to £56,000, funded by economic gains from closer EU trade.Key Facts
- The Liberal Democrats want to raise the annual tax-free personal allowance from £12,570 to £15,000.
- They plan to increase the 40p income tax threshold from £50,270 to £56,000.
- These tax changes would start fully in the fifth year of a Lib Dem government, possibly eight years from now.
- The plan depends on the UK rejoining the EU single market and customs union within 12 months.
- The party says the tax cuts would save most taxpayers about £680 annually.
- The £17 billion cost of the tax cuts would be funded by economic growth from rejoining the EU single market.
- Lib Dems would also raise the National Insurance starting point to £15,000.
- Sir Ed Davey criticized other parties’ tax plans and linked far-right protests to harmful political movements.
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