Yesterday the Chancellor delivered his Budget for Growth focusing on the four pillars of Enterprise, Employment, Education and Everywhere.
It’s a good package and the independent OBR believes that we are well on track to halve inflation, avoid recession and keep debt falling as a percentage of GDP.
I am particularly pleased to see reforms aimed at supporting parents with childcare, professionals like doctors to stay in the workforce for longer and businesses to invest.
Measures include:
Extending the Energy Price Guarantee for three months
Extending 30 hours of childcare a week to working parents of children aged 9 months to 4 years
Paying Universal Credit childcare costs up front rather than in arrears
Increasing the annual pension allowance to £60,000 and abolishing the Lifetime Allowance
Introducing a £25 billion three-year tax cut for business investment
Establishing a new Universal Support programme for disabled people and the long-term sick
Abolishing the Work Capability Assessment and increasing the Administrative Earning Threshold to 18 hours
Freezing fuel duty for a thirteenth year, saving the average driver around £200
Supporting Pubs by ensuring draught duty will always be less than duty in supermarkets
The Chancellor’s Budget for Growth, tackles obstacles to investment and workforce participation and builds on our globally impressive science and technology base through incentives to invest.
If you have any questions on the budget please do, as ever, email me on jeremy.quin.mp@parliament.uk
