Thursday, June 20, 2024

Metcalfe welcomes a budget for makers, doers, and savers

MP for South Basildon and East Thurrock, Stephen Metcalfe, has welcomed a budget ‘for makers, doers, and savers’ delivered by the chancellor today.

The budget contained good news for people up and down country says Mr Metcalfe. Key announcements that will help keep money in the pockets of people and businesses in South Basildon and East Thurrock included:

· An increase in the personal allowance to £10,500 in 2015/16. This will be a tax cut for 25.4 million people.

· 750,000 children in working families will benefit from Tax-Free Childcare from Autumn 2015

· The 10p rate on savings income has been abolished. 1.5 million low income savers will benefit.

· Cutting the cost of manufacturing by cutting the cost of energy bills for manufacturers, with targeted support for energy intensive industries.

· Delivering the most competitive export finance in Europe by doubling the government lending available to exporters to £3 billion and cutting the typical interest rate on it by a third.

There was more good news in the forecasts for the coming years. Growth this year is forecast to be 2.7%, meaning that the economy will be £16 billion bigger than forecast 4 months ago. It is estimated that 1.5 million more jobs will be created in the next five years bringing unemployment down to just 5% and, by next year the deficit will be reduced by a half. This means that by 2018/19 there will be a small surplus in the economy of almost £5.5billon.

Mr Metcalfe commented: “The budget is great news for savers, for families, and also for business and manufacturing. The Government have shown time and time again that they can deliver on the economy and that they are committed to putting money back into the pockets of people up and down the country.”

“As a result of this budget my constituents will be paying less tax and businesses will have an even better environment in which to thrive. I look forward to seeing the benefits of this budget unfold throughout South Basildon and East Thurrock in the months and years to come.”

2 COMMENTS

  1. It was no better than an OK budget. Sure, raising the tax threshold will help a little but I don’t see much else in it to cheer. Lower income savers? Are there any? I’m sorry, but with sky high fuel bills and increasing food costs (Yes, I know they have dropped recently but only recently and only a little) low income earners don’t have anything left to put toward savings. As for raising the ISA limit to 15K, well, I wish I had the money to pout into any kind of ISA but I don’t and my wages are not awful.
    What I don’t get is, why are we providing tax free childcare to families at a time when we are trying to cut the welfare budget. Isn’t childcare yet more welfare? Having kids is a lifestyle choice, Government shouldn’t be funding it. Should it?

    Why didn’t the Chancellor cut foreign aid by 50%, that’s a 9 Billion saving right there, better still, cut it all and save 18!

  2. It doesn’t matter who is in government. They’re all lying. In ten years time, regardless of which government is in power, taxes will be at least 10% higher than they are now. Most people will be 70 before they retire and state pensions will be reduced.

    Tax credits will be gone and the welfare state will be taken back to the level it was before Labour inflated it by 200%. The welfare state will be ended across Europe because we’re all already bankrupt. That’s why they bailed out the banks, because they already owned us and that’s why they didn’t punish the banks.

    Tinkering at the edges is the current vogue for the media/celebrity obsessed politician. I’m not sure who Ed Milibrain is trying to be. He looks like a cross between ken Dodd and the freaky professor off the Simpsons.

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