The Chancellor has this week delivered his Autumn statement, delivering on the Government’s commitment to reducing the deficit and helping hard working families.
Amongst the measures announced today were a scrapping of Air Passenger Duty for children, an expansion of Business Rate relief for small businesses, scrapping of tax on pensions, investment in science and industry, student loans for post-graduate study, and a major reform of Stamp Duty.
The Chancellor, George Osborne, has also confirmed that the UK economy is the fastest growing in the developed world, and that the deficit has now been halved.
This year’s Autumn Statement has been welcomed by Wrexham’s Conservative Parliamentary Candidate, Andrew Atkinson:
“This is a long term economic plan to secure Britain’s and Wrexham’s future.
“It will provide a welcome boost to hardworking families and local businesses here in Wrexham.
“Today it is clear that to help our public services, to boost our economy, and to help hard working families, we must stick to the long term economic plan, making the difficult decisions to secure Britain’s future.
“Today’s statement has set out our long term economic plan to prosperity.”
The Statement also confirmed:
§ The UK has the fastest growth in the G7 and the deficit is forecast to be halved – but there is still more to do
§ Stamp duty will be cut for 98% of people who pay it – only the highest value residential properties will pay more
§ The tax-free personal allowance is being increased by a further £100 in April 2015, to £10,600
§ Children will be exempt from tax on economy flights
§ Spouses will inherit their partner’s individual saving account (ISA) benefits after death
§ £2 billion for the NHS to do more
§ Business rates will be cut and capped, with extra Help for the High Street
§ No more employer National Insurance contributions (NICs) on apprentices under 25
§ Loans for postgraduate masters
§ £5.9 billion sustained investment in science
§ Long term plans for infrastructure
§ The government is clamping down on tax avoidance by multinational companies
§ Banks will increase corporation tax payments
§ Creative sector tax reliefs will be extended to children’s TV
§ A further £7 billion announced to build a Northern Powerhouse
§ Search and rescue and air ambulance charities will be eligible for VAT refunds from 1 April 2015