Stewart Jackson MP has welcomed another Budget which has again demonstrated the Conservative Government’s firm and strong record of managing the UK economy.
The UK was the second fastest growing economy in the G7 in 2016 and the forecast for economic growth has been revised upward from 1.4% growth this year to 2% growth. Alongside this, a further 650,000 people are expected to be in employment by 2021. Public borrowing has also decreased to £58.3 billion.
The Government has also addressed concerns about business rates by making available £435m for firms affected by increases in business rates, including £300m hardship fund for the companies losing out due to the reforms. This will also be met by a tax avoidance clampdown totalling £820m to include action to stop businesses converting capital losses into trading losses and tackling abuse of foreign pension schemes.
For those on the Living Wage, the national living wage will go up again to £7.50 – a £500 pay rise for a full time worker, in addition to the personal allowance increasing for the seventh year in a row to £11,500 – a tax cut for 29 million people.
Stewart also particularly welcomes an extra £2bn for social care over the next three years, with £1bn available in the next year. In addition, the Department for Health will spend £100m to place more GPs in accident and emergency departments for next winter.
Stewart Jackson said:
“Today’s Budget marks another milestone in creating a strong and aspirational economy for Peterborough families. Persistently strong economic growth will help place another 650,000 people in work in the UK by 2021 and help take more families out of poverty and welfare dependency.
We have also given an additional £100 million to place additional GPs in the NHS for next winter and will make more money available for social care for Peterborough City Council.
It also once again demonstrates that the doomsayers of Brexit, who predicted economic oblivion for the UK, were completely wrong. It is clear that people and businesses continue to have confidence in the UK economy and we remain outperforming nearly all neighbouring EU countries, as well as America and Japan in economic growth.”