Henry Smith MP has welcomed the Budget given by the Chancellor of the Exchequer today in the House of Commons, as the latest figures show that unemployment in Crawley has fallen by more than 60% since 2010.
On the economy, Henry said;
“While Crawley youth unemployment is down by three quarters since 2010, and overall local unemployment has fallen by more than 60%, there is still more to do.
“I’m pleased that the tax-free personal allowance – the amount people earn before they start paying tax – will rise to £10,800 in 2016-17, and £11,000 in 2017-18.
“The increases to the personal allowance from £6,475 in 2010, to £11,000 in 2017-18, and will save the average taxpayer £905.
“To make sure the full benefits of the personal allowance increase are passed on to higher rate taxpayers, the Government will also increase, above inflation, the point above at which higher earners start paying 40% tax. It’ll increase by £315 in 2016-17, and by £600 in 2017-18 - taking it to £43,300 in 2017-18.”
On the deficit;
“By 2014-15, the deficit is forecast to have fallen by half, from 10.2% at its peak in 2009-10, to 5% in 2014-15.
“Debt will be falling as a share of GDP from 2015-16. This is a year earlier than forecast at Autumn Statement.”
On a further cut in beer duty;
“I’m pleased that beer duty will be cut for the third year in a row. I’ve been campaigning for this and was recently honoured to be named as a Beer Champion by the British Beer & Pub Association and the Society of Independent Brewers.
“Beer duty will be cut for the third year in a row, another penny off the pint. Cider duty will also be cut by 2 per cent, as will the duty on Scotch whisky by 2 per cent. The Government are also freezing the duty on wine in cash terms.”
On support for savers;
“A new Personal Savings Allowance will take 95% of taxpayers out of savings tax altogether. From April 2016, a tax-free allowance of £1,000 (or £500 for higher rate taxpayers) will be introduced for the interest that people earn on savings.
“Additionally, the Chancellor announced a Help to Buy ISA. For every £200 people save towards their first home, the Government will put in an extra £50, up to a maximum bonus of £3000.
“The existing Help to Buy scheme has already helped more than 150 Crawley families onto the housing ladder.
“ISAs are also being reformed; instead of being able to put up to £15,240 in the 2015-16 tax year into an ISA in total, people can take out their money and put it back in within the same year.
"This will be without losing their ISA tax benefits, as long as the repayment is made in the same financial year as the withdrawal.”
On support for local newspapers;
“The Chancellor has announced that the Government will consult on tax relief for local newspapers.
“I await with interest to see the progress of the consultation. Local papers provide are a vital part of the community, and I’m grateful for the opportunity they give to me to write each week.”
Follow Henry daily via:
www.twitter.com/HenrySmithMP
www.facebook.com/HenrySmith4Crawley
www.youtube.com/HenrySmithMP