Sunak to cut income tax basic rate by 1p in 2024

UK Finance Minister Rishi Sunak said the basic rate of income tax would be cut by 1p in the pound in 2024 to 19p.

Sunak told parliament during his Spring financial statement that the move had been fully costed. It will also take effect in the year of a General Election.

UK taxpayers face a rise in National Insurance next month as part of a promise-breaking raid by Sunak to raise more cash, in the process creating the biggest tax burden on the country in more than 70 years.