Reform UK has pledged to raise the tax-free personal allowance from £12,570 to £15,000 within the first 100 days of being elected. Reform's Robert Jenrick said the increase would alleviate financial pressure on taxpayers, saving people around £500 a year and removing 2.9m individuals from income tax. Reform says the move would benefit 40m people overall and ensure the state pension remains untaxed. The proposal, which would cost £17.7bn in the first year, would be funded through £80bn in Government spending cuts, including a £50bn reduction in the welfare bill. Analysis by the Taxpayers' Alliance shows that around 500,000 more people will pay the basic rate of tax this year while 410,000 more people would fall under the higher tax rate of 40% due to wage growth.
