Local MP Iain Stewart has praised the Conservative Government’s Budget for people across Milton Keynes which cuts taxes, invests in the NHS and increases childcare support.
The Conservative Government announced National Insurance will be cut again. Combined with the cut at the Autumn Statement, that is a tax cut of over £900 for the average worker earning £35,400 – giving the average earner the lowest effective personal tax rate since 1975.
It means a hard-working family with two earners on the average income of £35,400 each, in Milton Keynes, will be better off by £1,827 a year.
The Budget also confirmed small businesses will pay less VAT and alcohol and fuel duty will be frozen, keeping costs low for businesses and drivers.
To further support economic growth, the Conservatives confirmed that half a million families will gain an average of £1,260 a year towards the cost of their childcare costs. This is thanks to a rise in the threshold for the High-Income Child Benefit Charge, rewarding hardworking parents who want to take up more work.
It also include investment into public services, including an £2.45 billion for the NHS next year to make progress on getting waiting lists down, boost every day services and improve maternity care. £3.4 billion will be invested over three years to boost productivity with improved technology and more efficient ways of working.
This Budget builds on the Conservatives work to deliver a brighter future for Britain, with long-term economic security and opportunity: where hard work is always rewarded; where ambition and aspiration are celebrated; where young people get the skills they need to succeed in life; where families are supported, where those who have worked hard all their lives have the dignity they deserve in retirement; and, with security at home and abroad.
Iain Stewart MP commented:
“Although inflation is down from 11.1 per cent to 4.0 per cent and wages are growing, I am pleased the Conservative Government is continuing to help families across Milton Keynes with the cost of living.
“This Budget builds on significant cost of living support by putting more money back in people’s pockets, cutting the cost of childcare and freezing fuel duty.
“The Government have been able to put forward these measures thanks to the long-term decisions the Conservatives have taken, sticking to the plan to strengthen our economy, and helping to secure a brighter future for families across the country.”
Chancellor of the Exchequer Jeremy Hunt MP said:
“Because the Conservatives are sticking to the plan with the economy inflation is down from 11.1 per cent to 4.0 per cent, meaning we can cut taxes and put more money in people’s pockets to grow the economy.
“Our Budget cuts taxes to reward work, supports small businesses and helps more parents with the cost of childcare to grow the economy and fund public services.
“By sticking to the plan, the Conservatives will deliver a stronger economy to build a brighter future. Labour cannot say what they would do with the economy because they do not have a plan and would take us back to square one.”