The Chancellor’s budget last week re-affirmed the Government’s priorities to back Britain’s hard workers, families, home-buyers, drivers, businesses, job-seekers and those looking to do the right thing and get on.
It has been a difficult time for many families. There are pressures on the cost of living and household budgets are being stretched. That is why the measures announced in the budget are so important, and will help hard working individuals and families here in Rugby and across the country. This budget is helping hard workers by raising the personal tax allowance to £10,000 from April 2014 and as a result many individuals will pay £700 less income tax than they did in 2010.
It helps families by offering tax-free childcare and the Government will pay 20% of a working family’s childcare bills every year – up to £1,200 per child. This means that a family with two children will be £2,400 a year better off.
This Government also wants to help people onto the housing ladder and I was delighted to see £3.5bn put towards this aim by giving people equity loans up to 20% to help them buy newly built houses. With Rugby’s pro-active approach to housing development this will be a huge help for local people.
Drivers also benefitted in the budget. Fuel duty was frozen again making this the longest freeze in 20 years. Fuel is 13p lower than under the last Labour Government’s plans meaning most people are at least £170 better off.
The budget crucially also focuses on getting our economy moving. We are in a global race for wealth, work and opportunity. By cutting corporation tax to 20% by 2015 the Government has given a massive boost to British businesses. Also on top of helping create one and a quarter million private sector jobs already the Government is cutting the National Insurance bill of every business by up to £2000. This means they’ll be able to take on 4 people full-time on the minimum wage without any increase in their NI bill.
This is an aspiration budget designed to ensure Britain competes at the forefront of the global race and it is designed to help hard working people and families. It is a budget the country needs to enable us to continue to move forward.