Chancellor Rachel Reeves admits that "we are asking people to contribute more" by extending the freeze to income tax thresholds, but adds, "I've managed to keep that contribution as low as I possibly can". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
00:00In the manifesto, we were very clear. It was the rates of income tax, natural insurance and VAT.
00:07But I'm not going to get into semantics. I recognise that we are asking people to contribute more by freezing those allowances.
00:15They were already frozen by the previous government from 2021 to 2028.
00:20And we're freezing them for a further three years.
00:24And I do recognise that I was asking ordinary people to pay a little bit more.
00:28But I've managed to keep that contribution as low as I possibly can by closing loopholes and asking those with the broadest shoulders to pay more.
00:37That's why there will be a surcharge on properties worth more than two million.
00:40It's why we're increasing taxes on savings, dividends and property income.
00:46And it's why as well we're getting a grip of some of the waste and inefficiency in the welfare budget by taking luxury cars out of motability,
00:55more face-to-face assessments for disability benefits.
00:58So we keep that contribution from working people as low as possible.
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