James Wild
Main Page: James Wild (Conservative - North West Norfolk)Department Debates - View all James Wild's debates with the HM Treasury
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James Wild (North West Norfolk) (Con)
The Chancellor promised in her first Budget that she would not extend the freeze on income tax thresholds, because it
“would hurt working people. It would take more money out of their payslips.”—[Official Report, 30 October 2024; Vol. 755, c. 821.]
In her second Budget, the Chancellor broke her promise with a £23 billion tax rise, bringing a million more people into paying higher rate tax. When people are set to struggle with the cost of living over this Parliament, why are the Government choosing to make their lives harder?
Rachel Reeves
Some people have short memories, haven’t they, Mr Speaker? I remember the Conservatives freezing those thresholds on a number of occasions. We said in our manifesto that we would not increase the headline rates of national insurance, VAT and income tax that working people pay, but I did say clearly at the Budget last year that we would have to ask everyone to make a greater contribution, because of the downgrade in productivity, which is a result of the mismanagement of the economy by the last Government over 14 failed years.