Bill Wiggin MP has welcomed the Autumn Statement, echoing the Chancellor’s argument that it is only by working through the Conservatives’ long-term economic plan that we can achieve prosperity and security for families in North Herefordshire.
The new forecasts for the British economy in the Autumn Statement shows the Government’s long-term economic plan is working:
- Deficit will be halved this year
- British economy expected to grow by 3 per cent this year
- Employment up and unemployment down – with over half a million new jobs forecast this year
The Chancellor set out the next steps in his long-term economic plan in the Statement:
- We will overhaul stamp duty so that 98% of stamp duty payers pay less tax when they buy their home.
- We will continue to back businesses to create jobs in all parts of the country – with action on business rates and more help for the high street.
- We will abolish the jobs tax on apprenticeships for people under 25 to help more young people get the skills they need.
- We will raise the personal allowance, and higher rate taxpayers will also benefit – a down-payment on our promises to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 in the next parliament.
- We will cut tax for families by abolishing the air passenger duty paid for children.
- And we will support savers by letting husbands and wives inherit their partner’s ISA and keep its tax free status.
Bill Wiggin MP said: “This is excellent news for hardworking families in North Herefordshire. The fundamental reform of stamp duty will cut taxes for the overwhelming majority of people trying to buy a house here.
The personal allowance rise will lift 38,000 of the lowest-paid people in the West Midlands out of income tax altogether in 2015-16, with over 2 million set to receive an average real terms wage boost of £94.
This Autumn Statement confirms the Government’s long-term economic plan is working. This matters to families here in North Herefordshire because it’s only with a strong and healthy economy that families here can have economic security for the future.
We must carry on working through our plan and stay on course to prosperity.”