With Boris at the helm, we have been promised a number of tax cuts, including:
Raising the higher income tax rate from £50,000 to £80,000 – currently individuals have to pay 40% income tax on any earnings above £50,000. Boris has said that he will raise the point at which the 40% higher rate kicks to £80,000. He also wants to raise the point at which people start paying National Insurance, as well as raising the point at which they stop paying National Insurance.
Cutting corporation tax – this has already reduced from 28% in 2010 to the current rate of 19%, and is due to fall again, to 17%, in 2020. Mr Johnson has not been specific about how much he will cut corporation tax.
A number of pundits are suggesting that these tax cuts are unrealistic. However, all we can do at this stage is wait for further announcements from Number 10 and for the next Budget Statement from the new Chancellor of the Exchequer, Sajid Javid.