James Brokenshire has welcomed today’s Budget highlighting measures to help hard working families, support job creation and make the UK an attractive place for business in an increasingly competitive world economy. The Chancellor also announced a new ‘help to buy’ scheme to help people looking to buy a new home.
The amount people can earn before paying income tax - the personal allowance - will rise to £10,000 in April 2014. Almost three million more of the lowest paid will pay no income tax at all. This tax cut will benefit an estimated 34,314 people in the Old Bexley & Sidcup Constituency. In April 2014, 323 people in the constituency will be lifted out of income tax altogether, taking the total number of people in lifted out of tax by Conservatives to an estimated 3,453.
The fuel duty rise planned for September has been scrapped. Pump prices will now be 13 pence per litre lower than under Labour’s plans. For a Vauxhall Astra or a Ford Focus that is £7 less every time you fill the tank. Fuel duty will have been frozen for nearly three and half years.
Over £3.5 billion is being allocated to support those who want to get on, or move up, the housing ladder under a new ‘help to buy’ scheme. The Government will provide up to 20 per cent of the equity to help anyone who wants to buy a new built home. And for three years from January 2014 a new Government backed guarantee will help lenders offer more people 80 to 95 per cent loan to value mortgages.
A new Employment Allowance will take £2,000 off the National Insurance bill of every employer – open to businesses, charities and community amateur sports clubs. Employers will be able to hire one extra person on £22,400 a year, or four people working full time on the minimum wage, without paying any National Insurance. A further corporation tax cut to 20 per cent in April 2015 will see the UK having the lowest corporation tax rate in the G20, which sends a clear signal that Britain is open for business.
Commenting James Brokenshire said:
“This is a positive Budget providing important new support for families and businesses in this area. Raising the thresholds for income tax will deliver real support for people who aspire to work hard and get on. Freezing fuel duty will help families with the cost of living.
“The Employment Allowance will make it easier and cheaper for firms to hire people providing an important additional stimulus to the job market as well as helping businesses to expand.
“The new ‘Help to Buy’ Scheme will support people who want their own home, but can't afford the increased deposits that lenders now require.
“I welcome the Chancellor’s announcements as they will provide support for hard working families as well as helping people wanting to own a home, get their first job or start their own business.”