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UK PM Candidate Boris Johnson Plans to Cut Income Tax


7Dnews London

Mon, 10 Jun 2019 14:59 GMT

Boris Johnson, the favourite candidate to become Britain's next prime minister, plans to cut income taxes for higher earners, the Telegraph newspaper reported.

Boris Johnson may be elected as Prime Minister following Theresa May’s resignation as leader of the ruling Conservative Party on Friday, June 7th; she failed three times to get parliament to support her European Union divorce deal.

Johnson, with a weekly column, says he will raise the limit at which people begin paying income tax of 40% from £50,000 to £80,000 ($101,824).

"We should be raising thresholds of income tax so that we help the huge numbers that have been captured in the higher rate by fiscal drag," said Mr Johnson, who gets paid £79,468 as an MP.

The move will cost about 9.6 billion pounds ($12.2 billion) a year and will be funded through funds allocated in the current budget to deal with the repercussions of Britain's withdrawal from the European Union.