Darling Offers 2.7 Billion Pound Tax Cut to Help Britain's Poor
By Gonzalo Vina
May 13 (Bloomberg) -- Chancellor of the Exchequer Alistair Darling said the Treasury will shave 2.7 billion pounds (5.25 billion) pounds off income tax bills this year to help Britain's poorest families and revive the Labour government's popularity.
Darling said the Treasury will borrow more money to finance an increase the personal tax exemption allowance by 600 pounds. Wage earners will feel the impact of the change in September paychecks. The measure is aimed at helping 5.3 million households hurt by the elimination of the lowest 10 percent tax bracket.
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