Dominic Raab pledges to slash income tax as he vies with Boris Johnson for Tory crown
TORY leadership hopeful Dominic Raab – Boris Johnson’s main Eurosceptic rival – pitched some voter-friendly policies by saying he wants to cut income tax.
And he revealed he would also like to see the National Insurance threshold raised to help workers save more cash.
Mr Raab wants income tax cut by a penny each year, reducing from 20p to 15p over the course of a five-year Parliament – the lowest basic rate in modern history.
Workers on the median full-time salary of £29,600 would save £854 a year, with those on £50,000 a year saving around £2,000 in tax.
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He also suggested the National Insurance employee contribution threshold should be raised to £12,500 – in line with the personal allowance for income tax – saving the average full-time worker a further £462.
He unveiled the eye-catching policies at a Telegraph Live event on the future of the Conservative party.
He told the audience: “We, as Conservatives, are defending the enterprise economy and lower and middle-income, aspirational working Britain.”
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