Janet Finch-Saunders, Member of the Welsh Parliament for Aberconwy, has welcomed the mini budget announced last week by the Chancellor Kwasi Kwarteng MP.
In a time where every penny counts, the Chancellor has taken additional steps on top of the planned support for energy bills. The mini budget will help over 1 million people in Wales, with a plan to reduce the basic rates of income tax. That will save on average £170 per year.
Also from April 2023, the additional rate of tax paid at 45% for incomes over £150,000 will be scrapped.
And finally, 2 million people in Wales will receive a national insurance cut worth £235 per year.
Commenting on the mini budget, Janet said:
“Many people in my constituency and across Wales, will struggle over the next few months and years and we cannot hide away from the challenges we are facing. These measures are designed to support some of the most vulnerable people in Wales, and should be welcomed.
“The Welsh Labour Government should follow the UK Government example of taxing bold action to help individuals, households, and businesses. Instead, they’re still pursuing a the tourism tax, and Welsh businesses pay the highest business rates in the UK. These are policies that are hurting Wales.
“Cuts to Stamp Duty in England and Northern Ireland, means Wales will receive around £70million over the next three years. It is vital this money benefits hard-working families across Wales and not wasted on the Labour’s vanity projects”.
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