00:00To encourage our confidence, the Chief Minister and I signalled a substantial rise in the
00:05personal allowance, alongside slowing down the rise in the minimum wage and cancelling
00:11the package of previously proposed minimum wage production measures in January.
00:18The proposed rise will increase. Most taxpayers take home pay, lifting about 3,600 people
00:26out of the tax net and is aimed at boosting disposable income in the local economy.
00:32It will make many taxpayers nearly £500 better off each year.
00:37Mr President, Honourable Members, today I am pleased to announce an increase in the personal
00:43tax allowance from April of £2,250 so that the individuals will start paying on annual
00:52earnings over £17,000 and jointly assessed couples for £34,000. This is triple the £750
01:00proposed until the Budget Divisions took place a few weeks ago and that proposed £750 rise
01:08was already triple the only other rises since 2021. This change was expected to reduce income
01:18tax receipts by up to £24 million. But £15 million of that relates to measures introduced
01:25since I became Treasury Minister, partly offset by stronger income tax forecasts, resulting
01:32in a net additional reduction of income tax of £10 million.
01:36Minc attise theCommerce Indeed.
01:36Minc attise the
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