Bukayo Saka is confident of signing a new contract at Arsenal, with the England star in talks over a new deal at the Emirates Stadium. Saka's current deal expires in 2024 and the Gunners are keen to tie him down to a longer, more lucrative contract.
Both the club and the player are confident a deal can be struck and recent economic developments mean Saka could be in line for a bigger pay day than he might have initially expected. In the wake of the 'mini-budget' announced by new Chancellor of the Exchequer Kwasi Kwarteng on Friday, footballers could hugely benefit financially.
The new budget has been subject to criticism, with the Bank of England staging an intervention on Wednesday amid further condemnation by the International Monetary Fund of the action taken by the new Conservative government, which is led by Prime Minister Liz Truss.
Part of the announcement includes a cut to the 45p rate of tax for earners of over £150,000 per year. While this may have been criticised by many, including Leader of the Opposition Keir Starmer, the news will be welcome to the Premier League footballers who are subject to the so-called 'additional rate' of tax.
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This group will include Arsenal's Bukayo Saka, whose new contract talks are currently ongoing with Arsenal amid reported interest from Manchester City and Liverpool. The new developments mean that Saka's take home pay at Arsenal could be far higher with the average Premier League footballer set to take home an extra £240,000 per year.
While these new tax rules will not come into place until April 2023, the announcement will come into consideration for all players who are currently in the midst of contract negotiations with their current clubs, as well as those abroad for whom a move to the Premier League will have become a far more appealing prospect.
Also, it is worth considering that Saka will also be able to earn on the same rate of tax with either Liverpool or Manchester City. However, both clubs will now be able to target different players from abroad who may want to take advantage of the new rules meaning that Arsenal do stand a strong chance of keeping hold of one of their biggest names.
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