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MP welcomes Budget measures
Beverley MP Graham Stuart says today’s Budget is encouraging news for local residents and businesses. He told Beverley FM: “New measures include help for first-time house buyers, a major cash injection for the NHS, and strong support for the beer and pubs industry.”
Mr Stuart (pictured) said many full-time workers in Beverley will also benefit from a £600 yearly pay increase after rises to the National Living Wage. Meanwhile, he said, the Government will be cracking down on offshore tax avoidance to make sure that everyone is paying their fair share.
“The measures announced in today’s Budget represent a major boost for residents and businesses in my constituency. By scrapping stamp duty for first-time buyers on homes up to £300,000, and creating a new homelessness taskforce, the Government has made good its promise to tackle the housing problem head-on.
“For the great number of pubs and breweries in Beverley and Holderness, there is the welcome news of a further and unprecedented freeze on beer, spirits and wine duties.
“I am also pleased that the Government is helping those on the lowest wages to take home more of their income. Rises to the personal tax allowance to £11,850 in April 2018 will build on promises to freeze fuel and air passenger duties to make sure that household budgets are given extra support.”
He continued: “There is also good news for local business, with £500m being invested in 5G mobile networks and fibre broadband to help connect rural areas such as Beverley and Holderness with national and international markets. A further £2.3bn will also be spent on Research and Development to make sure that we remain a world-leading place to do business.
“Residents will know of my campaigns to support local healthcare services, from NHS dentistry to our Minor Injuries Units, and I am clear that the Budget will benefit local patients. The Chancellor has promised £2.8bn for the NHS, with £350m of this going towards easing pressures on hospitals this winter.
“This Budget creates a clear and optimistic strategy for the national economy, and will be the foundation for major improvements in housing, health, business and infrastructure on a local level too,” he said.
Snapshots from The Budget: The National Living Wage is paid to workers aged 25, and will rise from £7.50 to £7.83 in April 2018. The 33p boost amounts to a 4.4% rise, or an annual increase of around £600 for a full-time worker.
On offshore tax, the Chancellor has announced that HMRC will increase tax on royalties relating to UK sales when those royalties are paid to a low tax jurisdiction, which is due to raise an estimated £200m a year.
The Government has announced that Stamp Duty will be scrapped for first-time buyers on houses, outside of London, worth up to £300,000. The Chancellor also set a target of building 300,000 new houses every year by 2025.
Duty freezes for wines, beers, spirits and most ciders will continue over 2018, with slight rises (yet to be announced) for so-called ‘white ciders’ from 2019. Air passenger duty for non-premium fares and fuel duty will also be frozen.
For the NHS, this will be broken down into £350m for the 2017/18 winter, which will be available immediately “to help NHS trusts plan for winter”, and £1.6bn for the period 2018/19.
The Budget 2017 can be viewed in full at: https://www.gov.uk/government/