MP for North East Hampshire, James Arbuthnot, welcomed today’s budget.

Backing business, rewarding work, cutting debt

 

MP for North East Hampshire, James Arbuthnot, welcomed today’s budget.

 

‘It brings some seriously good news to North East Hampshire constituents. More money for local enterprise schemes, improved rail travel on the cards, and hard work rewarded. The Chancellor has delivered a fair budget against a difficult economic background, and it really is a sign that better days are on their way.’

 

Key points for the region include:

 

·        Good news for the commuter - Improving national rail journeys into London and suburban journeys within London. The Government will announce more details in the summer as part of the five-year investment plan for the railways (2014/15 to 2018/19).

 

·        A fair deal for individual tax payers

o   personal allowance increase to £9,205. This rise in income tax personal allowance is scheduled for next year as well, ensuring that eventually, the first £10,000 of an individual’s income escapes tax.

 

o   Reduction of the top rate of income tax to 45p, so Britain no longer has the highest rate of income tax in the G20. Labour introduced 50p just months before leaving office. New evidence, endorsed by the independent OBR, finds that the high rate only raises a fraction of what was intended. Reducing the top rate to 45p has a direct cost of £100 million.

 

o   A clamp down on tax evasion, with measures to ensure that everyone pays a fair amount of tax, including the very wealthy.

 

·        Withdrawal of Child Benefit above income of £50,000.

 

·        Investment in enterprise - Local Enterprise Partnerships in the South East will receive a further £46.7 million, including £7 million for Enterprise M3 LEP, and £5.2 million for Thames Valley Berkshire LEP.

 

·        To boost investment and jobs there is also an additional one per cent cut in corporation tax. This means by April 2014 we will have a 22 per cent corporation tax rate - the lowest rate in the G7, and a sign to the rest of the world that Britain is open for business.