The former foreign secretary told the Telegraph he would use money currently set aside for a no-deal Brexit to raise the 40% tax rate threshold from £50,000 to £80,000.
Labour’s shadow chancellor John McDonnell said the proposal showed “how out of touch the Tories are” – with normal people..
Mr. Johnson told the Telegraph he planned to cut income tax bills for three million people, partly by using money from a pot set aside by the Treasury for a possible no-deal Brexit, and partly by increasing employee National Insurance payments in line with the new income tax threshold.
The move announced by Mr. Johnson, is estimated to cost £9.6bn a year.
“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.
