Julian Smith MP yesterday welcomed a Budget that puts the next generation first – a Budget to make Britain and Skipton and Ripon fit for the future.
The Chancellor made a series of announcements for Yorkshire, including £300 million to transform Northern connectivity. This will include taking forward the HS3 line between Leeds and Manchester, as well as improving links between the North’s other major cities. The Government will also explore options for a Trans-Pennine tunnel between Sheffield and Manchester and in addition to this will look at enhancing the A66 and A69.
Schools are also a focus of plans for the North of England, with an ambitious £20 million-a-year Northern Powerhouse Schools Strategy which will set out to transform northern school performances which includes every single part of the Northern Powerhouse.
This Budget is putting 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. 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 has 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. It is also freezing beer and cider duty to back British pubs.
- Improving our schools so our children get the best start in life. The Government is providing extra money so every school in England becomes an academy and will be introducing a new sugar levy on the soft drinks industry so they reduce the sugar content of their products to tackle childhood obesity. The money raised will be used to double sports funding in primary schools and fund longer school days in secondary schools that offer their pupils a wider range of activities, including extra sport.
- Introducing a new Lifetime ISA to help the next generation to save. People like ISAs because they are simple so 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. You won’t have to choose between saving for your first home, or saving for your retirement – the government is going to give you money to do both. For every £4 saved, the government will give you £1. So put in £4,000 each year and the government will give you £1,000 every year until you’re 50.
- 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. It was announced that Capital Gains Tax will be cut to boost enterprise and cut Corporation Tax to support job creation.
Julian Smith welcomed the Budget, saying:
“The Chancellor delivered an exciting and robust budget this afternoon which paints a very positive vision for our economy in the years to come. As well as security for our economy, there is security for families and workers across this country. Taxes are being cut for working people so that they can keep more of the money they earn, with the tax free personal allowance set to rise to £11,500 from April 2017. The Government is freezing fuel duty to help household budgets and support small firms. And a new Lifetime ISA is being introduced to help the next generation save.
The Government is taking the steps needed to ensure that Britain is fit for the future and for future generations. We are committed to ensuring that all schools become Academies, we are helping savers, we are cutting taxes for both hardworking people and businesses, and we are giving the green light to major infrastructure projects.
This Budget chooses to put forward long term solutions to long term problems. It puts the next generation first and redoubles our efforts to make Britain and Skipton and Ripon fit for the future.”
