Ribble Valley MP Nigel Evans has this afternoon welcomed the Budget delivered by the Chancellor, George Osborne, in the House of Commons.
The Chancellor announced that the annual threshold for small business tax relief is going to be raised from £6,000 to £15,000, and that corporation tax will fall from 20% to 17% by 2020.
Speaking from Westminster after the statement Mr Evans said,
“This Budget is good news for the people of the Ribble Valley, and demonstrates to the country that this Government is continuing to manage the nation’s finances soundly.
Exempting thousands of small businesses from business rates will allow employers in the Ribble Valley to invest and grow their businesses and employ more local people.
Huge numbers of people in the Ribble Valley will benefit from the raising of the tax-free personal allowance to £11,500 in April next year, alongside the increase in the threshold of the higher rate to £45,000. I believe in low taxes for working people and this Budget delivers just that.
For young savers there is the new Lifetime ISA. For every £4 saved, the Government will give you £1 until you are 50.
In rural areas like the Ribble Valley, fuel duty disproportionally hits people’s pockets, as cars are a necessity to carry out our daily lives, attend work and run businesses. I am therefore delighted that, fuel duty has been frozen for the sixth year in a row. This will save many Ribble Valley residents hundreds of pounds each year.
Britain is one of the strongest economies in the world, and this Budget will help to preserve this for the next generation.”