Pauline Latham OBE MP welcomes yesterday’s Budget by the Chancellor, Rt Hon Phillip Hammond MP.
In the jam-packed budget there are plenty of good news stories which will have a positive impact of the lives of many hard working people and families in Mid-Derbyshire.
The Conservative Government appreciate the importance of the British Dream of home ownership. They understand that for many people in their twenties and thirties the dream of getting on the property ladder now seems out of reach. The headline of this budget was the abolition of stamp duty for all first time buyers up to £300,000. This will remove the additional financial burden (of thousands of pounds) of stamp duty when people eventually save a big enough deposit for their first property. Correspondingly, the Government will invest £44bn as part of their drive to deliver 300,000 new homes a year. This is to ensure that there is adequate supply of housing.
A commitment was made for an addition £2.8bn funding for the NHS in England up to 2022 and a promise was made to fund a pay rise for nurses if one is recommended by an independent panel. This Government is keen to ensure that the NHS continues to provide world class service and the staff that we value so greatly are fairly paid.
At the heart of the philosophy of this Government is the aspiration that working people can keep more of the money they earn. Personal tax allowance (the money you keep before income tax) is to be raised to £11,850 from April 2018. Whilst the threshold at which you pay a higher-rate of income tax will rise from £45,000 to £46,350.
Alcohol duty (with the acceptation of white cider) is to be frozen. This is fantastic news for local pubs and those who enjoy them.
The budget included news that Universal credit will be paid out earlier meaning that the standard wait for universal credit claimants to get their first payment will be cut from six to five weeks from February. Claimants will be able to access a full month's payment within five days of applying as an advance.
It was also announced that £28m for homelessness projects in Manchester, West Midlands and Liverpool and aiming to eliminate rough sleeping by 2027.
Funds, amounting to £3bn, will be put aside for Brexit preparations to ensure the UK is in the best possible position to leave the EU regardless of whether a deal is agreed upon.
Other highlights included the announcement that fuel duty is to be frozen for the eighth year in a row; the introduction of a new railcard offering discounts to those aged between 26 and 30; additional money to boost the numbers of students taking maths after the age of 16 and consideration is to be given to how taxes and charges on single-use plastics items could be utilised to reduce the issue of packaging waste.
Pauline said,
“I am really pleased with the content of this budget. It demonstrates some bold yet compassionate Conservative policies which will positively impact many of my Constituents. Particularly in relation to stamp duty and the personal tax allowance.
The Chancellor has addressed the concerns of society today whilst making provisions for the future.
On a personal note I was pleased to learn that consideration is being given to how taxes and charges on single-use plastics items could be utilised to reduce the issue of packaging waste. This is an issue which I have been campaigning on for some time.”