Basic rate of income tax could be cut by 2p if pandemic job leavers return to work The Work and Pensions Secretary, Mel Stride, has suggested that the basic rate of income tax could be cut by 2p if those who left jobs during the pandemic return to work. Mr Stride said that the move could increase the size of the economy by 0.2%, reducing borrowing requirements by £11bn. Stride also revealed that the workforce is still 400,000 short of its pre-pandemic level. The tax burden in the UK is on course to reach its highest point since the Second World War. Conservative MPs have called for bolder measures to address the issue.