Money for working families through the raising of tax thresholds, help for those on universal credit and cuts in business rates have been welcomed by the Island MP’s Bob Seely after today’s Budget.
The point at which people start paying income tax is set to rise from £11,850 to £12,500 in April – a year earlier than planned. This news has been praised by the Isle of Wight’s Member of Parliament alongside the news that the National Living Wage is increasing by 4.9% – from £7.83 to £8.21 an hour from April next year.
Bob has said:
“This is a good budget for the Island. It’s aimed at helping working families and small business. That’s what we need”.
“Increasing the work allowances in Universal Credit by £1,000, which is a £630 windfall for 2.4 million people from next April, showed the government had listened to concerns over the new benefit”.
Another £1billion is earmarked for UC over the next 5 years to help ease the implementation of it.
In addition, Bob has welcomed a new 2% digital services tax on UK revenues of big technology companies from April 2020, which meant big firms like Google and Amazon would pay more tax.
At the other end of the scale, business rates bill for firms with a rateable value of £51,000 or less will be cut by third over 2 years – an announcement that would help many Isle of Wight independent companies who will see their bills cut by £8,000.
Another £675m of co-funding to create a “Future High Streets Fund” to support councils to draw up plans for the transformation of their high streets was also announced.
Bob has added:
“This budget has really struck the right balance between rewarding those in work, helping those on universal credit receive more money and support and encouraging independent shops, pubs and restaurants with business rate relief while big technology companies will start to pay more.
“I’m pleased fuel duty has been frozen. I’m pleased beer, cider and spirits duties have been frozen as this will benefit the hard-pressed pub trade here on the Island.
“Growth forecasts were also upbeat and wages growth is most welcome. All this will help many on the Island and it will promote economic growth too.”
