This week saw George Osborne present his budget to the house. This was a great budget that simplifies and reduces tax for hard working families in Rochford and Southend East. This budget will get Essex and the United Kingdom back to work by helping small business flourish though simpler and lower Corporation tax. Some key budget measures include:
The largest increase in the personal allowance in thirty years. The personal allowance will be increased by £1,100 in April 2013, taking it to £9,205 in total.
Abolition of the 50p top rate of tax. From April 2013 the top rate of tax will be reduced to 45p. The 50p rate was the highest in the G20 and undermined our competitiveness
Child Benefit to remain in full for all families with earners on £50,000 or less
Introduction of a single tier pension. This April pensioners will receive the largest ever cash increase in the Basic State Pension of £5.30 per week
Reduction in the main rate of corporation tax by an additional one per cent. The rate will reduce by two per cent this year, instead of the one per cent previously planned.
Help to get young people working. Building on the New Enterprise Allowance, later this year the Government will consider further ways of helping young people set up and grow their own business, including piloting ways of introducing a programme of enterprise loans.
This Government is committed to rebalancing our regional economies so that the private sector is not squeezed out and more jobs are created.
The Government want to make our public services more responsive, and help our private sector to grow and create jobs in all parts of the country.
This is a radical, reforming Budget which helps Britain earn its way in the world. It is a Budget that rewards work. It unashamedly backs business and puts us on the side of those who aspire to do better for themselves and their families. It sticks to the plan to deal with Labour’s debts