The Chancellor of Exchequer, Philip Hammond MP, yesterday (Wednesday) presented his budget which has been welcomed by the Island’s MP, Andrew Turner.
3 key announcements on business rates, social care and the NHS bring good news for the Island says Mr Turner. And there was confirmation from the Office for Budget Responsibility that they have increased their 2017 growth forecast for the British economy from 1.4% to 2%. This makes the UK the fastest growing economy of the G7 countries, despite the nightmare scenarios projected by some during the EU referendum of 2016.
Whilst there are concerns being raised about the taxation arrangements for self-employed people, the Island’s MP said that the good things in the budget should not be overlooked.
Andrew Turner commented:
“It has been a concern that some businesses on the Island are under pressure, and the revaluation of business rates has created more challenges. The Chancellor announced three measures to help those small businesses facing the biggest increases. Local authorities will receive a £300 million fund to provide relief for small businesses hit the hardest by the revaluation. No business coming out of small business relief will have a larger increase than £50 per month, and subsequent increases will also be capped. And local pubs with a rateable value of less than £100,000 will receive a £1,000 discount on the rates they pay.
“The Chancellor acknowledged that despite the hard work of many people the NHS and social care are struggling, particularly as the numbers of over 75’s is increasing. To help deal with that challenge Philip Hammond committed to an additional £2 billion grant funding; half of it available in 2017-2018. This funding will be used to help elderly patients to be discharged from hospitals when their treatment has finished and provide the care they need afterwards. This will be very welcome in areas like the Island with a very high elderly population.
“The NHS will also benefit from an additional £100 million for a triage project at hospitals around England next winter. To decrease waiting times at A&E departments, GPs will be made available through the triage. Discharges and A&E waiting times are two of the biggest challenges for the NHS. This budget demonstrates that the Government is committed to providing the NHS with additional funding linked to sustainable and strategic reforms.”
