Rishi Sunak confirmed the following in his 2021 Budget speech: “And our approach to fixing the public finances will be fair too, asking more of those people and businesses who can afford to contribute and protecting those who cannot.
“So this Government is not going to raise the rates of income tax, national insurance, or VAT.
“Instead, our first step is to freeze personal tax thresholds. We’ve nearly doubled the income tax personal allowance over the last decade, making it the most generous of any G20 country.
“We will of course deliver our promise to increase it again next year to £12,570, but we will then keep it at this more generous level until April 2026.
“The Higher Rate threshold will similarly be increased next year, to £50,270, and will then also remain at that level for the same period.
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