Castle Point MP Rebecca Harris welcomed several key announcements in today’s Budget that will benefit people in Castle Point.
The British economy is stronger because the Conservative Government confronted our country’s problems and took the necessary difficult decisions to get us back on track. But we now face the challenge of a dangerous cocktail of global risks. Britain is well prepared to handle this challenge, but only if we act now so we don’t pay later.
That’s why this Budget will continue the hard work of securing sound public finances. At the same time we will cut taxes on business and enterprise to create jobs and deliver prosperity; bring in reforms to improve schools and invest in homes and infrastructure to deliver real opportunity and social mobility. The Government will also support working people by helping savers and letting people keep more of the money they earn.
Key points from the Budget include:
• £151 million for Local Major Transport schemes with the Government planning to look at the case for other projects, specifically mentioning “the Canvey Island Third Road”, to be taken forward
• Investment of £700m in flood defences, with the money being raised from a small increase in the Insurance Premium Tax by 0.5%
• Freezing fuel duty to help household budgets and support small firms. We have frozen fuel duty for the sixth year in a row, a saving of £75 a year to the average driver and £270 a year to a small business with a van. We’re also freezing beer and cider duty to back British pubs.
• Cutting taxes for working people so they can keep more of the money they earn. From April next year 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 when we came into government. The higher rate threshold will also increase to £45,000, a tax cut of over £400.
• Millions of low-paid workers who put aside savings could receive a top-up of up to £1,200 over four years. Employees on in-work benefits who put aside £50 a month will get a bonus of 50% after two years - worth up to £600. That could then be continued for another two years with account holders receiving another £600
• Cutting taxes for small businesses. 600,000 small businesses will pay no business rates at all, an annual saving of up to almost £6,000 forever, and 250,000 small businesses will get a tax cut on their business rates bill. We have also cut Capital Gains Tax to boost enterprise and cut Corporation Tax to support job creation.
Rebecca welcomed the Budget, saying:
“Britain’s economy is strong, growing and resilient because of the steps we have taken over the past six years. Of course we are not out of the woods yet, we still have huge national debt and the global economy is weak but Britain is going in the right direction.
I am pleased to see the Chancellor formally commit to look into the case for the Third Road off Canvey. I have been long campaigning for a Third Road and have impressed this to the Chancellor each time I have spoken with him, therefore to have it announced in the Budget means that we are now that one step closer to making this a reality.
The £700m investment in Flood Defences is also very welcome. Flooding is a key concern for the people of Castle Point and just some of this money could make a real difference in preventing future flooding, on top of all the hard work that has already been done. I will be meeting with DEFRA Ministers to see how much of this money is available for Castle Point.
This was a good budget for the people of Castle Point!”