UK’s PM candidate Johnson plans income tax cuts: Telegraph

FILE PHOTO: Boris Johnson speaks at the Conservative Home fringe meeting at the Conservative Party Conference in Birmingham, Britain, October 2, 2018. REUTERS/Darren Staples/File Photo

LONDON (Reuters) – Boris Johnson, the front-runner to become Britain’s next prime minister, is planning to cut income taxes for some workers by raising the threshold at which one of the country’s highest tax rates kicks in, the Telegraph newspaper reported on Sunday.

The Telegraph, for which Johnson writes a weekly column, reported he would raise the point at which workers begin paying a 40 percent income tax to 80,000 pounds ($101,824) from 50,000 pounds.

The move would cost 9.6 billion pounds ($12.2 billion)

annually and be funded by using money set aside in the current budget to deal with the consequences of Brexit, the paper reported.

Reporting by William James in London and Rama Venkat in Bengaluru; Editing by Peter Cooney

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