, Ms Truss confirmed she would be reversing the national insurance hike and axing the planned increase to corporation tax, while a reduction is stamp duty has also been mooted.
Scrapping the national insurance increase will give workers back some of their pay packet above the national insurance threshold of £12,570 – saving £155 a year for someone paid £25,000, £343 for a worker on £40,000, and £1,093 for anyone with a salary of £100,000., saving will save the highest paid one per cent of earners £1.3bn, more than the combined saving of the lowest 60 per cent of taxpayers.
She told Sky News: “In order to get that economic growth, Britain has to be competitive. If we put up taxes, if we have arbitrary taxes on energy companies, if we have high corporation tax, we’re not going to get that investment and growth.”
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