James Brokenshire has welcomed today’s Budget as another step on the road to Britain’s economic recovery. With a record number of people in work, the UK economy growing at the fastest rate of any advanced, major economy and the deficit down by 50% as a share of national income, the Chancellor has promised further tax cuts for all, more jobs and apprenticeships and more support for savers.
During his Budget speech the Chancellor highlighted the 1.9million people now in work and the rise in living standards that have seen families an average of £900 better off in 2015 than in 2010.
But there is still more work to do to reward those who work hard, who contribute to the UK economy and who aspire to own their own homes and provide for their families. Therefore, this Budget sets out the Government’s plans to continue with the long term economic plan that is working by:
Choosing stability – committing to run a budget surplus and keep our debt share falling.
Choosing jobs - backing business and skills so we can achieve full employment, and supporting pubs and brewers by cutting tax on beer, cider, and whisky.
Choosing responsibility – helping savers with the Personal Savings Allowance, which will abolish tax on the first £1,000 of interest in savings accounts, abolishing savings tax altogether for 17 million people, and giving savers more freedoms with Flexible ISAs. These will allow people to remove money from their ISAs when they need it without losing their tax free allowance, set to rise to £15,240 in two weeks’ time.
Choosing aspiration – with a new Help to Buy ISA for first time buyers. If you save up to £12,000 towards a deposit, the government will contribute up to £3,000 – helping more people realise the dream of owning their own home.
Choosing families – cutting income tax for 27 million people by raising the Personal Tax Allowance to £10,600 in two weeks’ time and £10,800 next year and continuing the fuel duty freeze, saving families an average of £10 each time they fill up.
Speaking after the Budget Statement, James said:
“Thanks to the reforms and difficult decisions taken by this Government, the UK economy is on the mend. With more people, including the numbers of women and young people, in work and more families benefitting from the financial security that brings, the Government’s long term economic plan is working.”
“There is still more to be done, but the commitments outlined by the Chancellor will allow people to keep more of the money they earn, help the next generation of first time buyers and support those who save their money responsibly in Old Bexley and Sidcup and across the country.”