The country has had to endure a squeeze on pay and living standards since the financial crisis of 2007/8. However, one thing the Conservative Government has done to ease the pressure is to cut taxes. 30 million people have had a tax cut since the Conservatives took office in 2010 and of them, three million now pay no income tax at all.

The cut in the basic rate leaves an extra £1000 in every basic rate taxpayers pocket.

In Treasury Questions this morning the Chancellor confirmed that our tax cuts are the equivalent of earning £1471 more per year.