Dame Caroline Dinenage, Member of Parliament for Gosport, has was welcomed a raft of measures to support small business growth in the Gosport constituency.
Chancellor of the Exchequer, Jeremy Hunt, today [Wednesday 6 March] announced the government’s plan for growing the economy by raising VAT thresholds and cutting National Insurance contributions.
Other measures included a further freeze to fuel duty, an increase to the threshold at which parents start paying High Income Child Benefit Charge, and an extension of the renamed Growth Guarantee scheme, enabling Small and Medium Enterprises access to finance, backed by £200 million.
The headline 2 percent National Income tax cut, when combined with cuts announced at the Autumn Statement 2023, will be worth £900 a year for the average worker, giving them the lowest effective personal tax rate since 1975 – lower than in America, France, Germany or any G7 country.
New VAT thresholds will also mean the UK has the highest VAT registration threshold for SMEs across the EU, and the highest in the OECD alongside Switzerland.
The Office for Budget Responsibility has meanwhile forecast that inflation will hit the Government’s 2% target a year earlier than forecast, with stronger than expected growth that will leave the UK with a faster growing economy than Germany, France, or Italy over the next three years.
Speaking after the budget, Caroline said:
“The Chancellor has done a remarkable job steering the economy through the aftershocks of the pandemic and Russia’s invasion of Ukraine. I welcome all the measures in this Budget to focus on growing the economy and reducing the barriers to work, like the rise to Child Benefit threshold and cuts to National Insurance.
“I especially welcome the changes to VAT thresholds, which will do untold good to the economic regeneration of Gosport in areas like the Waterfront development and Daedalus airport, which I have long worked to promote by securing funding.
“With around 20,000 people commuting to work in Gosport every day the continued freeze on fuel duty was also welcome.”
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
“Because the Conservatives are sticking to the plan, with inflation down from 11.1 per cent to 4.0 per cent, we can cut taxes and put more money in people’s pockets to grow the economy.
“Our Budget cuts taxes and rewards work, supports small businesses, and helps more parents with the cost of childcare.
“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.”
