MP welcomes decline in income inequality

July 25, 2013 9:59 AM

Carshalton and Wallington MP Tom Brake MP has welcomed the recent announcement of tax cuts as "excellent news and a victory for ordinary, hard-working people."

According to the Office for National Statistics' (ONS) annual report, thanks to changes in taxes and benefits, income inequality is now at its lowest in 13 years. The MP expressed his delight at the fact that, by 2014, 87,100 of Sutton's employed will have received an income tax cut and 7,940 will be lifted out of paying tax altogether.

Commenting Tom Brake said: "From April next year, no-one will pay any tax on the first £10,000 of income. This is excellent news and a victory for ordinary, hard-working people in our area."

"While we have had to make difficult decisions to clean up the financial mess left by the previous government, we have also been working hard to build a stronger economy in a fairer society."

"The ONS figures confirm that the tax and benefits system we have created has led to more income equality than at any time since 1986."

"The Liberal Democrats' manifesto pledge to take the poorest out of tax and give millions of low-earners a £700 tax cut is making Britain a fairer place."

Thanks to the lowering of the tax threshold, in the whole of the UK 2,686,000 people will be removed from Income Tax. A further 24,500,000 will receive cuts to their tax bills by 2014, representing an annual cut in Income Tax of £700. Thanks to the Liberal Democrats, no-one will pay any tax on the first £10,000 of income.

Income Equality

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