Local MP Welcomes Budget Tax Breaks

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Mary Macleod says 50,000 local workers are set to gain

Local MP Mary Macleod (Cons) has said the Budget will take nearly 50,000 constituents in Brentford and Isleworth out of the tax bracket, as well as helping 75,000 London businesses.

Mary commented: “I am pleased that this year’s budget is doing so much to help families and businesses in my constituency. This is a Budget for those who work hard and want to succeed.”

“We’re raising the personal allowance to £10,000 by 2014, cutting corporation tax to the lowest in the G20 and cutting duty on beer and fuel. I know that there are no easy answers to fix our economy, but by putting a little more back in peoples’ pockets, we can build the aspiration Britain needs for future growth.

"The announcement that the Government will cut corporation tax by 1% to 20% by 2015 means that the United Kingdom will have the lowest corporation tax rate of all G20 countries, making it an attractive environment for investors and businesses.

"The Government’s plans to raise the personal allowance (the amount people can earn before paying tax) to £10,000, means that 48,807 people in Brentford and Isleworth will be over £700 better off each year and 497 people will be lifted out of income tax all together. To date, 4,911 people in Brentford and Isleworth have been lifted out of tax by the Conservative-led Government, she pointed out.

"Further efforts to help provide everyday relief for people include scrapping September’s fuel duty rise and cutting beer duty by 1% later this month, while scrapping the above inflation rise in beer duty entirely. Cutting the beer duty rise is especially important for both locally owned pubs and bigger businesses, such as national brewery Fuller, Smith and Turner which employs a large number of people locally. From 2014, businesses will be able to hire one extra person on £22,400 or four people working full time on minimum wage, without paying any National Insurance. This means that 1/3 of employers, including 75,000 London employers, will pay no jobs tax at all.

" Housing is also a huge issue in London and the Chancellor tackled this head on in the budget by allocating over £3.5 billion to support those who want to get on, or move up, the housing ladder. The Government will provide up to 20 per cent of the equity to help anyone who wants to buy a new built home. And for three years from January 2014 will also provide a new guarantee to help lenders offer more people 80 to 95 per cent loan to value mortgages.

"The Government also confirmed plans announced by the Prime Minister and the Deputy Prime Minister earlier this week to help parents with the cost of childcare.

Mary continued : “Seven out of ten women in my constituency are working, but many more are prevented from doing so due to the cost of childcare.

“The Government’s plan to give £1,200 per child to parents for childcare is fantastic and will really help families, single parents and the self-employed. One of the main barriers women face in setting up and managing their own businesses is the cost of childcare. The Government’s changes will really help usher in a new age of female entrepreneurship, which will help growth and jobs in the years ahead.”

 

March 21, 2013