This afternoon’s Budget outlined plans to reform the economy, support jobs and growth, cut fuel duty and take steps to help families with the cost of living.
Key measures in the Budget to boost growth include:
• Tax cuts for business and entrepreneurs
• Scrapping burdensome regulations
• Radical reform of the planning system
• New investment in science and innovation; and
• More support for young people with additional apprenticeships and work experience places.
To help families facing the rising cost of living, the Budget will also:
• Immediately cut fuel duty by 1 pence per litre and delay April’s inflation rise in duty to next January. This means fuel duty is 6 pence lower than it would have been under the previous Government.
• Introduce a Fair Fuel Stabiliser to tax oil companies more to stop above inflation rises in fuel duty.
• Increase the Personal Allowance by a further £630 from April 2012. That’s a real increase of £48 extra per year, or £126 in cash terms. Together with this year’s rise, that means a total of £326 extra each year for those working to support their families and it means just ten months into office the coalition has taken 1.1 million low paid people out of tax altogether.
I am very pleased by the Chancellor’s Budget today; last year’s Budget brought Britain back from the brink of bankruptcy whilst this one looks forward into how our country can develop and grow once again.
The Government is right to stick to the plan to get Britain living within her means and I am delighted that the Chancellor didn’t have to come back for more. Today’s Budget now sets out plans to back enterprise and get Britain making things again. By cutting fuel duty immediately and cutting income tax for millions the Chancellor has done what he can for families now. This Budget has put fuel into the tank of our economy.