Prime Minister David Cameron promised Wednesday to enact the lowest company tax rates in the developed world if his Conservative Party is re-elected next year.
Cameron added he would raise the threshold at which 40-per-cent income tax kicks in, from its current starting point of 41,900 pounds (67,997 dollars) to 50,000 pounds.
He also promised that people working 30 hours a week and earning the minimum wage would receive a personal income tax allowance for their first 12,500 pounds, rather than the current 10,500 pounds.
Cameron, speaking at the Conservative Party conference, said budget savings – including reductions in welfare spending – of an additional 25 billion pounds would be needed to pay for tax cuts.
GNA