With the extortionate prices of travel, petrol, energy bills and more on the rise, I believe the standard rate of income tax should be lowered from 20% to 15%-18%. A lot of lives have changed during the pandemic, particularly those in low income households, struggling to afford everyday necessities.
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The increased prices are causing a setback in everyone’s financial situations. One case being the “generation rent to generation buy”, many of whom cannot afford to get onto the property ladder. Monthly rents are extortionate and mortgages even harder to obtain. The cost of travel increasing will encourage more workers to stay at home. However, the rise in energy bills means the cost of working at home is also higher.