This in from the office of Isle of Wight Conservative MP, Robert Seely. Ed
Money for working families through the raising of tax thresholds, help for those on universal credit and cuts in business rates have been welcomed by Island MP Bob Seely after today’s Budget.
“This is a good budget for the Island. It’s aimed at helping working families and small business. That’s what we need.”
Rise in income tax threshold
Bob said the rate when people start paying income tax rising from £11,850 to £12,500 in April – a year earlier than planned.
Bob also praised the Chancellor for increasing the National Living Wage by 4.9% – from £7.83 to £8.21 an hour from April next year.
According to the BBC
Bob said that from next April, according to the BBC, 32 million people will be paying less tax – but the big Digital firms will be paying a new tax for the first time. He said,
“Increasing the work allowances in Universal Credit by £1,000, which is a £630 windfall for 2.4 million people from next April, showed the government had listened to concerns over the new benefit.”
Another £1billion is earmarked for UC over the next five years to help ease the implementation of it.
In addition, Bob welcomed a new 2% digital services tax on UK revenues of big technology companies from April 2020, which meant big firms like Google and Amazon would pay more tax.
Cut in business rates
At the other end of the scale, business rates bill for firms with a rateable value of £51,000 or less will be cut by third over two years – an announcement that would help many Isle of Wight independent companies who will see their bills cut by £8,000.
Another £675m of co-funding to create a “Future High Streets Fund” to support councils to draw up plans for the transformation of their high streets was also announced.
Budget strikes “the right balance”
“This budget has really struck the right balance between rewarding those in work, helping those on universal credit receive more money and support and encouraging independent shops, pubs and restaurants with business rate relief while big technology companies will start to pay more.
“I’m pleased fuel duty has been frozen. I’m pleased beer, cider and spirits duties have been frozen as this will benefit the hard-pressed pub trade here on the Island.
“Growth forecasts were also upbeat and wages growth is most welcome. All this will help many on the Island and it will promote economic growth too.”