The rates of income tax, national insurance and VAT will all be frozen in 2020/21, if Boris Johnson's Conservative Party forms the next government.

Ahead of the general election on Thursday 12 December 2019, the Tories were the last of the major parties to reveal their manifesto.

For taxpayers, the 2019/20 income tax rates will frozen although there was no mention of the personal allowance.

There was, however, the suggestion that several tax cuts will come in for 2021/22 including raising the national insurance threshold to £9,500.

For businesses with an annual taxable turnover of more than £85,000, the standard rate of 20% for VAT will remain in place for 2020/21.

There is also a pledge to reduce business rates for retailers, music venues, cinemas and pubs.

Mike Cherry, chairman of the Federation of Small Businesses, said:

"Cuts to the jobs tax and business rates are strong pro-small business pledges.

"Small businesses will welcome these commitments, and the commitment not to raise national insurance for the self-employed."

Adam Marshall, director-general of the British Chambers of Commerce, added:

"While the manifesto strikes some of the right notes, businesses will be looking to see more substantial measures to boost growth, enterprise and investment."

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