Prime Minister David Cameron promised on Wednesday to enact the lowest company tax rates in the developed world if his Conservative Party is re-elected in 2015.
Mr. Cameron added he would raise the threshold at which 40 per cent income tax kicks in, from its current starting point of 41,900 pounds to 50,000 pounds.
He also promised that people working 30 hours a week and earning the minimum wage would receive a personal income tax allowance for their first 12,500 pounds, rather than the current 10,500 pounds.
Mr. Cameron, speaking at the Conservative Party conference, said budget savings — including reductions in welfare spending — of an additional 25 billion pounds would be needed to pay for tax cuts.
Elections are slated for May.