Chancellor George Osborne has delivered his budget statement for this year.
The government has decided to cut the top rate of tax for those earning over £150,000 to 45p, from the current 50p. It will also raise the personal tax threshold to £9205. The BBC reports that this will lift £42,000 people in Wales out of paying tax at all.
Child benefit will also be phased out for those earning more than £50,000, and those earning over £60,000 will not be entitled to claim child benefit at all.
The Chancellor has also announced that some government departments will have the option to introduce more local pay for civil servants whose wage freezes end this year, the chancellor announced, and evidence will be published on introducing regional pay. Regional pay is thought by many to be detrimental to poorer areas, and it is opposed by the Welsh Government.
All of the budget documents are available on the HM Treasury website. A summary of the main points is also available here.
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