People who have relied on a successful claim against mis-sold payment protection insurance (PPI) to boost their bank accounts could see significant changes made to the UK's tax system. Speaking to BBC One's Breakfast show, deputy prime minister Nick Clegg suggested that the coalition must raise the tax threshold to £10,000. By doing so, people who earn less than this on an annual basis would be exempt from taxation, which may give low earners some much needed respite at a time when the cost of living is spiralling upwards. The tax threshold was raised by £1,000 by the government in 2010 to £7,475 and another increase is expected in the next Budget. "Because things are very tough … I believe we should do this [raise the tax threshold] further and faster," Mr Clegg told the broadcaster. The leader of the Liberal Democrats has also called for bankers' bonuses to be scaled down this week, as the country's economy is still in a precarious position. Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.