Local MP, Mike Freer, has welcomed news that an estimated 44,000 people in Finchley and Golders Green are to benefit from the Chancellor’s decision to raise the Personal Allowance to £9,440. Figures published this month also show that as result of the changes, approximately 3,500 people in Finchley and Golders Green will be taken out of tax altogether.
In London as a whole, over 3.1 million people have seen a fall in tax, and over quarter of a million people in the Capital will pay no income tax at all.
Commenting on the announcement, Mike Freer said “I am delighted that the budget has delivered for thousands of people in our area. It has again shown that the Conservatives support those who are working hard”.
As a result of the Personal Allowance being raised, the average person will save around £700 per year. The Chancellor also announced that the Personal Allowance is to rise to £10,000 a year early in April 2014.