In a tough economic time for Camborne, Redruth and Hayle, George welcomes measures set out by the Chancellor to boost jobs and help families. Having cut the deficit by a third, helped create 1.25 million private sector jobs and ensured interest rates remain at record lows, the Chancellor announced some important measures that will deliver further growth and help support aspiration.
Employment Allowance to help small firms take on more staff. By taking £2,000 off the employer national insurance bill of every company, this will take around 450,000 small businesses out of paying any jobs tax at all - that's one third of all employers. While Labour proposed putting a tax on jobs, the Conservatives are taking tax off jobs.
Cutting corporation tax to 20 per cent from April 2015, giving the UK the most competitive rate in the G20. Plus abolishing stamp duty on shares traded on growth markets such as AIM, which will support growth and jobs across the UK.
Improving infrastructure by boosting capital investment by £15 billion over the rest of this decade. Public investment will now be higher on average as a percentage of our national income under Conservative plans than it was in the whole period of the last Government.
The personal tax allowance will be increased to £10,000 next year. Families will pay over £700 less in income tax than when this government came to office. 24 million people will pay less tax.
Tax Free Childcare. The government are giving people 20% off, equivalent to the basic rate of tax, on the first £6,000 of their childcare costs for each child.
Introducing Help to Buy. Supporting people who want their own home, but can't afford the increased deposits that lenders now require, by using the Government's fiscal credibility to support a Mortgage Guarantee to help lenders offer mortgages to people with a deposit of between 5 per cent and 20 per cent. This should dramatically increase their availability.
Cancelling the September fuel duty increase altogether. Pump prices will be 13 pence per litre lower than if we had not acted over these last three years to freeze fuel duty.
A penny off the price of a pint of beer. This will save drinkers 4 pence a pint compared to the last government's plans.
George said “This is a budget to help people through difficult times. The decision to increase tax allowances so that those earning under £10,000 pay no tax at all is especially welcome. So too is the decision to freeze fuel duty again and cut beer tax. It was always wrong to have those automatic ‘escalators’ on the price of things like petrol and beer and I am glad to finally see the back of these.”