Sunak says basic rate of tax to be cut

Chancellor Rishi Sunak told the Commons today that “over time I want to go further”, but says tax cuts must be paid for.

However, by 2024, he says the OBR expects inflation to be back under control, debt to fall and the economy growing.

In his final announcement for the Spring Statement he said that before the end of this Parliament in 2024, “for the first time in 16 years” the basic rate of income tax will be cut from 20p to 19p in the pound.

“A tax cut for workers, for pensioners, for savers. A £5bn tax cut for over 30 million people.”