Cost of Living: Families

Treasury written question – answered on 21st May 2018.

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Photo of Victoria Prentis Victoria Prentis Conservative, Banbury

To ask Mr Chancellor of the Exchequer, what steps the Government is taking to support families with the cost of living.

Photo of Elizabeth Truss Elizabeth Truss The Chief Secretary to the Treasury

The government is committed to helping families both earn more and keep more of what they earn. On 1st April 2018, the National Living Wage (NLW) increased by 4.4% to £7.83. This represents an annual pay rise of over £2,000 for a full-time worker since the NLW was introduced in April 2016. The Personal Allowance and Higher Rate Threshold also increased in line with CPI, to £11,850 and £46,350 respectively. These changes to income tax will help 31 million people and mean a typical basic rate taxpayer will pay £1,075 less income tax in 2018-19 then in 2010-11.

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