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Mar 19 2014

Bob Blackman Hails Budget Boost for Businesses and Savers

bob_blackmanBob Blackman has welcomed announcements in the Budget that will back manufacturers and businesses in Harrow East and help them to invest and export more.

Measures announced in the budget to support businesses include:

  • Cutting the cost of manufacturing by cutting the cost of energy bills for manufacturers, with targeted support for energy intensive industries.
  • Doubling the Annual Investment Allowance to £500,000 – meaning almost every business will pay no tax upfront when they invest in the future.
  • Delivering the most competitive export finance in Europe by doubling the government lending available to exporters to £3 billion and cutting the typical interest rate on it by a third.

He has also warmly welcomed new measures to help those people who want to save for a home, save for their family or save for their retirement. Announced today:

  • Merging the cash ISA and stocks & shares ISA into a single New ISA with an annual limit of £15,000 – this will make saving simpler and more flexible. [Insert number from the table below] ISA holders in [region] could benefit from the New ISA.
  • Abolishing the 10p starting rate of tax for savings income – the 10p band will become a zero rate band and will be extended to the first £5,000 of savings income. This will benefit 1.5 million low income savers.
  • Creating a new pensioner bond that will offer a return that is better than anything pensioners can get now – helping pensioners who have worked hard and saved.

Bob commented: “This Budget is great news for everyone in our area. Manufacturers and businesses looking to invest and export will welcome measures to cut energy bills, double the tax allowance for investing and boost support for exporters. Savers have had a hard time in recent years and I agree with the Chancellor that it is time Britain helped them out. Backing businesses and helping savers are central parts of the Conservatives’ long-term economic plan to secure a better future for Britain. This Budget will build a resilient economy and deliver more economic security.”

The budget delivered today by the Chancellor will also see the personal allowance rise to £10,500 from April, cutting taxes for 25 million people and taking another 290,000 people out of paying income tax altogether. Rises in the personal allowance since 2010 mean that by April next year a typical basic rate taxpayer will be paying £805 less in tax than they would have been, with 3.2 million people taken out of income tax altogether.

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