The economic recovery is taking longer because the damage is worse than we feared. But the economy is healing. The last thing we could do is put all this progress at risk and attempt to borrow less by borrowing more. We cannot turn back.
The Chancellor has today announced critical measures that will be welcomed across Peterborough. The personal allowance will rise further, meaning people will keep more of the money they earn before income tax kicks in. Labour’s planned fuel duty rise has been cancelled. Small businesses rate relief has been extended for another year. We have also seen a range of capital infrastructure projects to boost growth up and down the country.
The measures announced today will support the cost of living for households and unlock growth for our businesses and industry.
Stewart Jackson MP commented:
“This is fantastic news for Peterborough and the East of England.”
“The East of England will see 2.3 million people get an income tax cut. The 3.6 million people who drive will welcome the cancellation of a rise in fuel duty that the Labour Government had planned for. Businesses will welcome the drop in corporation tax and the small business rate relief. And the raft of capital infrastructure projects will unlock growth and equip Britain to compete in the global race.”
“Times are tough. But the economy is healing – and the measures announced today will bring welcome support to families and businesses in Peterborough.”