In the UK tax rates are very often reported as 'pence in the Pound', which is equivalent to percents and only means how much you pay out of every Pound you earn

In the UK tax rates are very often reported as 'pence in the Pound', which is equivalent to percents and only means how much you pay out of every Pound you earn. The BBC and many other news sources are also reporting that the basic rate has been "cut from 20p to 19p" ('p' meaning 'pence') or that the rate has been "cut by 1p" today.