The top rate income tax threshold has also been lowered.
The UK is officially in recession, Jeremy Hunt has revealed.
The comment comes as the government continue to lay out plans for the country's Autumn Budget. It has also been unveiled that the top rate of income tax threshold has been lowered - meaning the rate will apply for those earning over £125,140 rather than £150,000.
An extra £2.5 billion pounds is also to be invested in schools, and those receiving pensions or benefits will receive a 10.1% rise in income from April - in line with current inflation rates.
More to come as we update this developing story.
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