BRACKNELL and Wokingham’s MPs have welcomed George Osborne’s 'working man’s budget’ after the Chancellor announced: “We’re putting Britain right.”
The headline maker in last Wednesday’s budget was a pledge to raise the threshold at which workers start paying income tax by £500 to £10,500, while other moves included slashing the price of a pint of beer by 1p and halving the tax on Bingo winnings to 10%.
Mr Osborne told Parliament: “If you’re a maker, a doer or a saver then this budget is for you.”
Hailing the country’s strong economic performance - the economy is predicted to grow by 2.7% this year - the Chancellor also slashed a green tax on businesses and pledged £3bn to help boost manufacturing exports.
Bracknell MP Dr Phillip Lee said: “This budget represents a continued commitment to the responsible pursuit of a long term, sustainable recovery. “The proposals support savers, provide a boost to businesses, stabilise public finances and spur continued fiscal growth.
“The reform to Air Passenger Duty is good news for all those in the constituency who work at Gatwick and Heathrow, and the removal of VAT on fuel for air ambulances demonstrates support for this valuable local emergency service.”
Mr Osborne also announced all tax restrictions on pensioners’ access to their pension pots is to be removed, ending the requirement to buy an annuity.
But in a money saving measure the nation’s welfare bill will be capped at £119bn in 2015-16 and will rise in line with inflation after that.
Wokingham MP John Redwood said: “There is some good news in the budget.
“The Budget concentrates on trying to assist industry to invest, savers to save, and individuals to enjoy some real growth in income.”
For lots more reaction to the budget, buy a copy of the Bracknell News today, complete with 20-page Business Review.