The biggest news out of Westminster in recent weeks was the Summer Budget. It was a Budget for working people and a Budget that aims to secure our economic recovery.
It included reducing taxes for working people, the introduction of a National Living Wage and reduced taxes on business.
It was a landmark Budget which aims to finish the job our getting our country’s finances back into balance whilst also giving the hard-working people of our country a pay rise.
Through the introduction of a National Living Wage and an increase in the tax-free personal allowance many families here in Rugby and Bulkington will see a real increase in their take-home pay.
I appreciate that changes to tax credits will affect families in different ways, however, when all of the measures in this budget are considered, the majority of working people will see more money in their pocket in real terms.
Lifting wages stimulates local economies, and whilst I understand some apprehension on the side of businesses over the increase in the minimum wage to £9, I think it is both the right thing to do and that it will provide an overall boost to local businesses.
From emails and calls into my office I know that many local people welcomed the announcement on the continued freeze on fuel duty. This will help families and businesses alike. Here in Rugby we have a thriving logistics industry which will have welcomed news of the freeze. This support for the industry will mean more jobs and the security of a regular pay-packet for local people.
There was also a much welcomed increase in spending on our national defence; a cash boost for our roads networks; changes to the welfare system to ensure work always pays; changes to make sure the family home is taken out of Inheritance Tax; increases in Income Tax thresholds to help hard-working families; help for first time buyers and a levy on large businesses to fund 3m new apprenticeships.
It was a landmark budget. A budget to secure our recovery and fix our foundations.