THE Conservative party’s election hopeful for Hyndburn and Haslingden has welcomed a promise to raise the income tax-free allowance to £12,500 by 2020.
Wealthy businessman Kevin Horkin said a Tory government would help the poor by placing tax cuts ‘at the heart of the Conservative programme’ over the next five years.
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He said: “In the last Parliament we raised the tax allowance before tax is paid from £6450 to £10,500 and in the next five years we will raise it to £12,500.
“This will take virtually all workers on the minimum, wage out of paying income tax altogether.
“The better off middle class families will see the rate at which they start to pay the 40 per cent higher rate income tax rise to £50,000.”
Mr Horkin said a Labour government would spend £30 billion extra if they win the election.
He added: “The Institute for Fiscal Studies and the Office for Budget Responsibility said only spending cuts or tax rises can eradicate the structural deficit.
“That means an average tax rise of £3,028 for every working household by 2020.”
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