Wednesday, 19 March 2014

Stephen Metcalfe MP welcomes a budget for makers, doers, and savers

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.”