£3k Tax Boost for Millions as Personal Allowance Plan Takes Shape

Millions of workers could see their tax bills reduced by up to £3,000 under proposed plans to raise the personal allowance from £12,570 to £15,570.

The idea is being examined by Andy Burnham and Chancellor John Healey ahead of the October Budget, according to reports.

Dale Vince, a Labour donor, has suggested that the change could be funded by ending interest payments on commercial bank reserves held at the Bank of England, which he estimates would raise £30 billion per year.