Chloe Smith MP welcomes a Budget that puts the next generation in Norwich North first

Chloe Smith, Member of Parliament today welcomed a Budget that puts the next generation first – a Budget to make Britain and Norwich North fit for the future.

 

Chloe has welcomed the Chancellor’s Budget which will continue the hard work of securing sound public finances; but at the same time the Government will cut taxes on business and enterprise to create jobs and deliver prosperity; invest in homes and infrastructure to deliver real opportunity and social mobility; and support working people by helping savers and letting people keep more of the money they earn.

 

This Budget put the next generation first by:

 

·       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 the Government came into government. The higher rate threshold will also increase to £45,000, a tax cut of over £400.

·       Freezing fuel duty to help household budgets and support small firms. The Government 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. The Government is also freezing beer and cider duty to back British pubs.

·       Introducing a new Lifetime ISA to help the next generation to save. The Government is going to increase the ISA limit from just over £15,000 to £20,000 for everyone. For those under 40, many of whom haven’t had such a good deal from pensions, the Government is going to introduce a completely new Lifetime ISA. For every £4 saved, the Government will contribute a further £1.

·       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. The Government have also cut Capital Gains Tax to boost enterprise and cut Corporation Tax to support job creation.

Chloe welcomed the Budget, saying:

 

“This budget keeps the public finances on track, and brings in more tax from multinational companies who must pay their fair share.  With that, the Government is able to support British small businesses, who are the backbone of Norfolk, and the 3 million self-employed in this country.  Working people will be getting relief in household budgets too, with nearly 100,000 people in Norwich paying less in income tax thanks to our changes.  Meanwhile I welcome that the Chancellor has been able to keep the disability budget rising, so that in fact more is spent for disabled people every year than was under the last Labour government; and it’s very good to see £100m going to reduce homelessness.

 

“I know from all my work in Parliament and Norwich for young people that we need to put the next generation first, so I really welcome the Lifetime ISA which will help young people saving even small amounts with a £1 boost from the Government for every £4 they save. 

 

“This Budget reflects the key issues in Norwich, including the problem of social mobility which has been brought into focus by the publication of the Social Mobility Commission’s Index showing that the poorest children growing up in the Norwich City Council area have some of the worst life chances in England.

 

“At the national level, the Government is taking the steps needed to ensure that Britain has sound public finances at the same time as improving schools, helping savers, cutting taxes for both hardworking people and businesses, and giving the green light to major infrastructure projects.  The measures taken by the Government have seen the deficit cut by two thirds, with the nation’s finances on course for a surplus in 2020.

 

“This Budget puts forward long term solutions to long term problems. It puts the next generation first and helps make Britain and Norwich fit for the future.”