On Wednesday, Chancellor George Osborne gave his final Autumn statement of this Parliament, where he outlined the current economic situation and his fiscal plans to strengthen growth and reward those who have worked hard to contribute to the UK’s recovery.
Despite inheriting an economy on the brink of bankruptcy in 2010, Britain now has the strongest recovery of the entire European Union or any major economy, and has created more jobs than the rest of the European Union combined. Furthermore, the Deficit inherited by the Government in 2010, has already been cut in half.
Here in Swindon, we are feeling the benefits of the Governments strong economic performance. Since 2010, 7,400 more people have found jobs – a staggering 50% fall in unemployment in Swindon. 7,010 people have started an apprenticeship, and 86,074 people have received an income tax cut, sharing the proceeds of growth.
As the Chancellor rightly stated, there is still more to be done. Now that our economy is healing, it is important that we continue to strengthen the services and infrastructure that will cement our Country’s future growth. It is also important to continue to tighten public finances, whilst making life easier for hardworking tax payers. Announcements included:
• An extra £2 billion in funding for frontline NHS services each year
• An extra £1.2 billion funding in local GP services
• A cut in Stamp Duty to 98% of homes in the UK, saving £4,500 on an average family home
• Abolishing the planned rise in fuel duty so that prices at the pumps continue to fall
• Abolishing the 55% death tax so that pensioners can pass on their pensions cash free
• A further increase in the personal tax allowance, now an equivalent to a tax cut of £825
• Scrapping Air Passenger Duty for children, a welcome boost for local families
• VAT rebates for Hospices (Prospect) & Air Ambulances (Wiltshire)
The Chancellor is also determined to make the economic recovery a fair one. That’s why he has introduced a new tax on banks which will see them pay an extra £4 billion each year, as well as a 25% ‘Google tax’ on the profits of large multinational corporations who divert profits offshore to ensure that they pay their fair share.
The statement was a plan for growth and fairness. Labour have no plan. And without an economic plan, their proposals on healthcare, schools and services are completely hollow. This is because the prosperity of households, job creators, schools, the NHS and other vital elements of our society, depend on a healthy economy. And as the Chancellor showed on Wednesday, the Conservatives are still the only Party that can, and will continue to deliver a sound economy.
