UK PM and Chancellor Unified in Announcing ‘Single Biggest Tax Cut in a Decade’

In a show of unity on the cost-of-living crisis, Boris Johnson and Rishi Sunak wrote an article to outline the single biggest tax cut in a decade.

The Prime Minister and Chancellor wrote in the Sun on Sunday that a rise in the National Insurance threshold will save 30 million British workers up to three hundred dollars per annum.

The historic tax cut will lift 2.2 million people out of paying any National Insurance or income tax at all, with 70% of British workers paying less National Insurance.

The Government is planning to spend billions to cushion the blow of inflation by also providing relief for council tax bills, fuel duty and energy costs.

The Prime Minister denied that his Government is being "complacent" about inflation and said the "cost of freedom" is always worth paying.

The Prime Minister believes there is a chance to fix unnecessary cost pressures.

Speaking at a press conference at the close of the Nato summit in Madrid on Thursday, Mr Johnson said the "very, very tight labour market" and the balance of our energy mix add to inflationary pressures."

It is feared that the cost-of-living crisis could cause the UK to go into recession as households and businesses rein in spending due to soaring inflation.

Inflation is set to reach a 40-year high in the autumn.

Andrew Bailey, the Governor of the Bank of England, said on Wednesday that soaring inflation will hit Britain harder than any other major economy during the current energy crisis.

Some 6.1 million taxpayers are projected to pay income tax at the higher rate of 40% or 45% in the years to come, according to new figures.