Local MP Caroline Dinenage has today welcomed a Budget that will provide greater economic security for the people of Gosport, Stubbington, Lee-on-the-Solent and Hill Head, for now and the future.
The provisions in the Budget:
Cut taxes for working people. From April 2017 the tax free personal allowance will rise to £11,500, a tax cut for 31 million people that means a typical basic rate taxpayer will be paying over £1,000 less income tax then in 2010. The higher rate threshold will also increase to £45,000, a tax cut of over £400. In Gosport, 51,009 people will benefit from these changes, while 1,934 people will be taken out of tax all together.
Cut taxes for small businesses. 600,000 small businesses will pay no business rates at all, an annual saving of up to almost £6,000, and 250,000 small businesses will get a tax cut on their business rates bill.
Ensure taxes are paid. The Government will legislate against property developers shifting profits offshore, raising over £500 million a year. A further £500 million will be raised by imposing a duty on public sector bodies to ensure their employees are paying the right tax.
Introduce a new Lifetime ISA to help the next generation save. The ISA limit will be increased from just over £15,000 to £20,000 for everyone. For those under 40, a completely new Lifetime ISA will be introduced.
Freeze fuel duty to help household budgets and support small firms. This will save £75 a year to the average driver and £270 a year to a small business with a van. Beer duty and cider duty will also be frozen to back British pubs.
Tackle homelessness. A £100 million investment will deliver accommodation for rough sleepers leaving hostels and domestic abuse victims and their families.
Keep public spending under control. The Government will continue working to reduce the deficit so Britain will run a budget surplus by 2019/20 and the burden of our debt will be lifted from the shoulders of the future generation.
"The Office for Budget Responsibility statistics show that while Britain's economy and productivity are continuing to grow, we still face challenges due to the slowdown in global economic growth and trade. I am pleased, therefore, that this Budget takes a long-term approach that will deliver economic security into the future. For too long, we have borrowed at the expense of the next generation which is both unfair and short-sighted.
"I am delighted that this Budget delivers on the Government's commitment to cut the deficit whilst lowering taxes and restoring fairness to the system by closing tax loopholes. I particularly welcome the support shown for small businesses, which are the bedrock of our local economy. In a competitive market, every little helps and I know the vibrant small business owners in my constituency will welcome this support. It is also great news that 51,009 people across Gosport, Stubbington, Lee-on-the-Solent and Hill Head will be paying lower taxes and will be able to keep greater hold of their hard-earned money."
Today the Office for National Statistics also revealed that employment in Britain is at a record high at 74.1% with a record high of 31.42 million people in work. In Gosport, the number of Job Seeker Allowance Claimants has reduced by 63% since 2010.