Swindon Link Weekly Article - 20th March

When George Osborne stood up to deliver his last Budget of this Parliament before the General Election, the message couldn’t be clearer: Britain is working again.

Five years ago Britain had the largest Budget deficit in our peacetime history thanks to Labour’s Great Recession. Unemployment was at a record high and British manufacturing output was low.

The cost of living was also significantly high with hardworking families having to pay for the mistakes made by the Labour Government. Five years later, and thanks to the Conservatives’ long term economic plan we are seeing a national recovery with shared prosperity.

Living standards have risen, with the average household £900 better off now than they were in 2010, and there are more people in work as we experience the highest rate of employment in British history. Here in North Swindon, unemployment has fallen by more than 60% since May 2010.

Despite difficult decisions to tighten public expenditure, frontline services have been protected with record investment in the NHS, more than a £1m more outstanding schools and crime at record low levels.

The richest in society are contributing more than they ever did under Labour, and going forward we are increasing the tax on bankers by £900 million, whilst raising an extra £3.1 billion by clamping down on tax avoidance.

The Budget focused on rewarding hard working people and making life easier for those who want to support their families and get on in life.

The Chancellor announced a rise in the minimum wage to £6.70, a 57p rise in the hourly rate for apprentices and a tax cut 27 million people through an increase in the personal allowance to £10,800 next year, then £11,000 the year after, and an increase in the higher rate threshold.

Further reductions in jobs taxes have been announced, making Britain one of the most attractive places for business investment than any other major economy.

A cut in beer duty for the third year running was welcomed by pubs across Swindon – taking another penny off a pint – and a cut in cider duty by 2%, supporting pubs and brewers across the region. Fuel duty was frozen again, saving an average of £10 off each tank of fuel.

The Budget demonstrated our determination to build an economy based on savings – not debt, as the chancellor introduced a new personal savings allowance – taking 95% of taxpayers out of savings taxes altogether.

A new Help to Buy ISA will also provide a Government contribution to those who are saving for a deposit on a new home, allowing more people to get onto the housing ladder.

This was a confident budget that demonstrated that Britain is growing again and paying its way in the world.

On May 7th we need to ensure that Britain stays on this road to recovery.