The Chancellor was clear and honest in his message yesterday – times are still tough and will continue to be so for families and businesses across the UK for the next few years. There is no magic wand with which to fix our economy, no matter what the Labour Party may say. What the government can do (and is doing), however, is give the British people the right tools to create jobs and growth and provide for themselves and their families.
We have gone some way toward this already:
- For every public sector job lost, six have been created in the private sector – rebalancing our economy to build solid, sustainable growth
- Encouraging training through apprenticeships – half a million were started last year alone
- Tax cuts for the lowest earners, with 2.2 million people taken out of tax altogether
The Budget announced yesterday will, in my view, go even further in unlocking our economy to create sustainable and lasting growth for years to come.
The personal income tax allowance will rise again next year, this time to £10,000. This means that every penny you earn under £10,000 will not be subject to income tax. The measure will lift thousands of people out of tax and make life easier for even more. This is a tax cut which is fair and rewards hardworking people in Great Yarmouth and across the UK.
The government is making it easier to get onto the housing ladder. Many people in Britain can afford to pay a mortgage, but not a deposit. The government will put up loans of up to 20%, meaning that people can get on the property ladder and make a permanent home for themselves and their families.
Labour’s war on the motorist is at an end – we have frozen fuel duty for another year, saving hundreds of pounds a year for motorists and businesses and helping to keep Britain moving.
I am particularly pleased by the scrapping of Labour’s Beer Duty Escalator. This is fantastic news for pubs, bars and hotels across Great Yarmouth as there will be no added cost to the price of a pint of beer in the coming year.
We have gone as far as to cut one pence from the price of beer. This means that not only will there be no added cost from the Beer Duty Escalator; the price of a pint of beer can actually go down.
As Member of Parliament for Great Yarmouth and Minister for Pubs, I am absolutely delighted by this news. It is vital that pubs and bars are promoted as hubs of their communities – the scrapping of the Beer Duty Escalator is one step in the fight to encourage people to have a drink with friends and neighbours, rather than to sit at home.
These are just some of the steps being taken to help Britons to help themselves. We will have the lowest corporation tax in the G20, making it clear that Britain is open for business. This budget, while not a magic wand, will make it easier for local people to find or create work and look after their families.
As ever, please do get in touch if you have any questions about this, or any other matter.