Taxation: Income Tax Threshold

Lord Campbell-Savours Excerpts

Wednesday 16th March 2016 Lords Chamber

[Lord O'Neill of Gatley]

My Lords, I welcome my noble friend’s phraseology. From October 2016, the new national minimum wage rate will mean a pay rise of up to £450 a year for nearly half a million young workers. The Government will increase the main national minimum wage rate to £6.95, 25p more than the current rate. This is the largest increase since 2008 in cash terms. It is expected to reach its highest level ever in real terms, surpassing its pre-recession peak.

[Lord Campbell-Savours (Lab)]

On the question of the tax take, why did the Chancellor not deal with personal service companies today?

[Lord O'Neill of Gatley]

I anticipated that a number of things might be asked at this session so shortly after the Budget had been announced, and I encourage many noble Lords, if they have the chance before next week’s debate, to read the Red Book. They will then be more aware of the real details of what has been announced, including, I think, something in this area.