I didn’t even know the 10p tax rate had been axed – they kept that much quieter than the 2% cut. I guess this explains why, when I was calculating my take home pay for next year, there was barely any difference. The benefit of the 2p cut on income tax is virtually eliminated by the lack of the 10p band. So why do it? What a waste of time.

In fact, unless you earn more than £15k per year, you will actually lose money with the new rates. The people that gain the most are those that earn the maximum amount on the 20p band (i.e. higher rate tax payers), who will be about £300 better off per year.