income tax

He also announced that 80% of workers will not pay income tax but higher earners will pay more.

Despite increasing tax on businesses, by increasing employer National Insurance contributions, she has so far stuck to Labour's manifesto commitment not to increase income tax, national insurance or VAT.

That means you may never owe income taxes on the payments you receive from the bond's issuer.

Stuart Adam, a senior economist at Institute for Fiscal Studies think tank, said increasing the annual income tax allowance to £20,000 could cost up to £80bn, depending on the details.

Former cabinet minister Louise Haigh has called for Labour to reconsider its manifesto pledges not to increase income tax or employee national insurance.