The Biggest Single Expense in the Growth Plan

I've decided that the basic rate of income tax will remain at 20%, and it will do so indefinitely until economic circumstances allow for it to be cut. The measures I've announced today will raise every year around £32 billion. There will be more difficult decisions on both tax and spending as we deliver our commitment to get debt falling as a share of the economy over the medium term. But growth requires confidence and stability, and the United Kingdom will always pay its way.