Autumn Budget: Jeremy Hunt freezes tax allowances for two more years

Jeremy Hunt has hiked taxes in his autumn statement, freezing allowances for 2 further years and cutting the threshold for the 45p top rate. The decision not to increase the earnings figure at which the 20p and 40p rate kick in will drag many more people into paying tax and into paying more to the Treasury. But the chancellor said cutting the starting point for the 45p rate – from earnings of £150,000 to £125,140 – would see the wealthiest paying an extra £1,200 each year. Read more: https://www.independent.co.uk/news/uk... Click here to subscribe to The Independent: https://bit.ly/Subscribe-to-Independent About The Independent: Making Change Happen. The Independent is the world’s most free-thinking newsbrand, providing global news, commentary and analysis for the independently-minded. Connect with The Independent: Check out our full video catalog:    / theindependent   Videos, daily editorial and more: http://www.theindy.com Click here to get the best of The Independent daily: https://www.independent.co.uk/newslet... Like The Independent on Facebook: https://www.fb.com/TheIndependentOnline Follow The Independent on Twitter:   / independent   Follow The Independent on Instagram:   / the.independent   Download the iOS & Android app: https://www.independent.co.uk/subscri... Help to support truly independent journalism. Every dollar you contribute will directly fund additional special reports and investigations from a free-thinking, award-winning newsroom you can trust - https://www.independent.co.uk/donations Subscribe to Independent Premium for exclusive content & live events: https://bit.ly/2MiOONB