Million of couples expected to get £2,500 boost in emergency budget
Around two million hard-up couples are expected to get a much-needed £2,500 windfall in this week's emergency budget.
Currently, a lower earner can 'gift' £1,260 of allowance – saving £214 tax after adjustments. That could rise tenfold.Mr Kwarteng is examining the figures to see whether he can afford the extra £5.8billion now – or wait until the full Budget later this year. He will definitely axe April’s National Insurance rise and reverse a planned hike in corporation tax from 19pc to 25pc. The joint cost will be £30billion.
The Chancellor could rake in easy money by raising tobacco duty in line with inflation plus 2pc – lifting a £12.75 pack of cigarettes to an eye-watering £14.57. There could be a hike in the minimum wage to £10.50 an hour. But TUC boss Frances O’Grady wants £15. The Treasury is also looking at proposals to halve VAT to 10pc to stimulate spending and help reach Mr Kwarteng’s target of 2.5pc growth. Pensioners will see a bumper uplift of at least 10pc next year as the triple lock returns – lifting payments by the highest of inflation, earnings or 2.5pc.
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