Income tax cut for 43,975 people in Peterborough
The amount people can earn before paying income tax – the personal allowance – will rise to £10,000 in April 2014.
Hard working people in Peterborough will be over £700 better off every year than when this Government came to office. Almost three million more of the lowest paid will pay no income tax at all.
This tax cut will benefit an estimated 43,975 people in Peterborough. In April 2014, 415 people will be lifted out of income tax, taking the total number of people in Peterborough lifted out of tax by Conservatives to an estimated 4,473.
Labour want to reintroduce the 10p tax band that they abolished. Conservatives in Government have now turned Labour’s 10p tax band into a zero pence tax band. Every person paying tax at the 10p rate when Labour doubled it, will now be paying no income tax at all on that income.
Budget fuel duty freeze will save Peterborough families £170 per year
The Chancellor of the Exchequer has cancelled Labour’s planned fuel duty rise in today’s Budget, saving 3.6 million motorists in the East of England over £170 every year.
Because of the action we have taken, pump prices will now be 13 pence per litre lower than if Labour were in power. For a Vauxhall Astra that is £7 less every time families fill up the tank – or £9 less for a Mondeo. A van driver will save £340 per year and a haulier will save £5,200 per year.
Fuel duty will now have been frozen for nearly three and half years – the longest freeze in duty for over 20 years.
Budget beer cut helps 4,505 pubs in East of England
The Chancellor of the Exchequer has scrapped Labour’s plans to increase beer duty in today’s Budget, and instead cut it by a penny, meaning beer will be 1p per pint cheaper after Sunday night – 4p per pint cheaper than it would have been under Labour.
Groundbreaking tax cut to support jobs and help businesses in Peterborough
Stewart has also welcomed a bold set of tax cuts for businesses and employers in Peterborough.
A new Employment Allowance will take £2,000 off the National Insurance bill of every employer – open to businesses, charities and community amateur sports clubs. This will help 90,000 employers in the East of England, taking 45,000 out of having to pay any tax on jobs at all.
Employers will be able to hire one extra person on £22,400 a year, or four people working full time on the minimum wage, without paying any National Insurance.
A further corporation tax cut to 20 per cent in April 2015 will see the UK having the lowest corporation tax rate in the G20, which sends a clear signal that Britain is open for business.
Stamp Duty on shares in companies quoted on growth markets like AIM and the ISDX Growth Market has also been abolished. This will benefit around 1,000 UK quoted companies – a transaction tax removed here as 11 EU countries are looking to introduce a sweeping financial transaction tax.
Equitable Life justice for pensioners in Peterborough
The Government will make ex-gratia payments of £5,000 to Equitable Life policyholders who bought their annuity before 1992, today’s Budget has revealed.
The Government will also make an extra £5,000 available to those on the lowest incomes who are on pension credit. There is no legal obligation to make either of these payments.
Stewart Jackson MP commented:
‘This is a Budget that is delivering for families who want to work hard and get on in life.’
‘This Budget has delivered real support for people who aspire to work hard and get on. Around 43,975 people in Peterborough will be over £700 better off every year. With the income tax cut, Conservatives have cut tax bills for 24 million people.’
‘Scrapping another of Labour’s planned fuel duty increases will make a huge difference to the 3.6 million drivers in the East of England. I supported the Fair Fuel UK campaign and am glad to see the Government listening.’
‘This Government has frozen fuel duty for three and a half years – longer than any Government in the last two decades – and saving the average family £7 every time they fill up their car.’
‘Labour increased beer duty by 60 per cent and left our pubs fighting for survival. ‘We’ve not only scrapped Labour’s planned increase – we’ve actually cut it.’
‘It’s great for beer-drinkers, it’s great for breweries, and it’s great for East of England and the 4,505 brilliant pubs here. I met with local members of CAMRA at the end of last year to discuss their concerns and Peterborough. I do hope they’ll be happy with the changes.’
‘The new Employment Allowance is fantastic news for businesses in Peterborough and will make it easier and cheaper for firms to hire people – an employer could hire four people working full time on the minimum wage without paying any National Insurance.’
‘These and the other business measures in the Budget are exactly what businesses need to hire, to expand and to grow.’
‘I am proud that two years ago Conservatives in Government set aside £1.5 billion to help so many of my constituents in Peterborough who had been let down when Equitable Life failed.’
‘Now we are helping another 9,000 people across the country.’
‘It took nearly a decade for the last Labour Government to own up to their responsibilities. We acted immediately. This will make a huge difference to the many older people who were affected in Peterborough.’
‘This is a good positive Budget for people in Peterborough.’