Tory leadership hopeful Boris Johnson vows to slash income tax for three million Brits

BORIS Johnson has vowed to slash income tax for three million Brits.

The Tory leadership frontrunner said he will increase the threshold at which people have to pay the 40p rate of income tax from £50,000 to £80,000.

It will cost an estimated £9.6billion a year, and will be paid for by dipping into the £26.6billion set aside for no-deal planning.

Writing in The Daily Telegraph, he said: “We should be raising thresholds so that we help the huge numbers that have been captured in the higher rate."

Under the plans, someone earning £60,000 is estimated to see their tax bill fall by £2,000, say tax experts at Blik Rothenberg.

Currently, people in the higher tax rate band - earning from £50,001 to £150,000 - are taxed by 40 per cent.

But under BoJo, the income tax band would be altered to see people earning up to £80,000 dropped into the basic tax rate of 20 per cent.

Therefore, at the moment if someone is earning £55,000, you'll take home £40,433, according to tax experts at Blik Rothenberg.

Under the proposed tax rates, you'll take home £41,433.

If you are earning £80,000 or more, you would take £6,500 more home a year.

For more information on who will benefit and how much tax they'll pay, check out our What are the income tax rates 2019 and calculate how much you’ll pay if Boris Johnson increases the threshold to £80,000 story.

Mr Johnson also called for cuts to corporation tax and business rates.

And he threatened to hold back Britain’s £39billion “divorce payment” to Europe until the road to Brexit is clear.

PLANNING FOR A NO DEAL

He stole a march on rival Dominic Raab by blasting Theresa May’s decision to offer the cash before agreeing a deal.

He pledged not to hand over the huge sum until “we have greater clarity about the way forward”.

That sparked fury from French leader Emmanuel Macron, who said it would be a “sovereign debt default” with dire consequences for Britain. Cabinet ministers

Alun Cairns, Chris Grayling and James Brokenshire said they would back Boris, along with top Brexiteers Steve Baker and Priti Patel.

Boris, 54, told The Sunday Times he would take personal charge of Brexit talks and ramp up planning for a No Deal.

He said the Irish border issue, which torpedoed Mrs May’s deal, must be tied up with talks on a future trade deal.

A ConservativeHome poll found 43 per cent of party members back him

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