Stephen Metcalfe, local MP
for South Basildon and East Thurrock, has welcomed a budget ‘for makers, doers,
and savers’ delivered by the Chancellor today.
The budget contained good
news for people up and down country. Key announcements that will help keep
money in the pockets of people and businesses in South Basildon and East
Thurrock included:
- An increase in the personal allowance to £10,500 in 2015/16. This will be a tax cut for 25.4 million people.
- 750,000 children in working families will benefit from Tax-Free Childcare from Autumn 2015
- 10p rate on savings income has been abolished. 1.5 million low income savers will benefit.
- Cutting the cost of manufacturing by cutting the cost of energy bills for manufacturers, with targeted support for energy intensive industries.
- 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.
There was more good news in
the forecasts for the coming years. Growth this year is forecast to be 2.7%,
meaning that the economy will be £16 billion bigger than forecast 4 months ago.
It is estimated that 1.5 million more jobs will be created in the next five
years bringing unemployment down to just 5% and, by next year the deficit will
be reduced by a half. This means that by 2018/19 there will be a small surplus
in the economy of almost £5.5billon.
Mr Metcalfe commented: “The
budget is great news for savers, for families, and also for business and
manufacturing. The Government have shown time and time again that they can
deliver on the economy and that they are committed to putting money back into
the pockets of people up and down the country.”
“As a result of this budget
my constituents will be paying less tax and businesses will have an even better
environment in which to thrive. I look forward to seeing the benefits of this
budget unfold throughout South Basildon and East Thurrock in the months and
years to come.”
