Figures released today by the Office of National Statistics show that thanks to Liberal Democrats’ tax cut, take home pay rose a third faster than inflation last year.
Government analysis of the ONS’ Annual Survey of Hours and Earnings for the year April 2012 to April 2013 shows that take home pay rose three quarters faster than CPI inflation for the bottom 50 per cent of earners. On average take home pay rose faster than CPI inflation on average for the bottom 90 per cent of earners.
These rises are a result of Liberal Democrats in Government cutting income tax, to help millions of working people, and lifting the poorest workers out of tax all together.
Commenting, Liberal Democrat President Tim Farron said:
“This is a Liberal Democrat tax cut, it was on the front page of our 2010 election manifesto.
“The Conservatives’ priority was an inheritance tax cut for millionaires, Liberal Democrats’ priority was to help those on low and middle incomes.
“These figures show that the coalition’s economic plan is the rock on which our recovery is being built. This recovery would not be happening without Liberal Democrats in Government.
“Liberal Democrats in Government are building a stronger economy and a fairer society. We have given 24m working people a £700 tax cut and we want to go further by lifting the point at which you start paying tax from £10,000 to the level of the minimum wage.”