Today Mark Reckless MP welcomed the Government’s Budget with its plan to reform the economy to support jobs and growth, and to take steps to help families with the cost of living – including an immediate cut in fuel duty.
Key measures in the Budget to boost growth include:
• Tax cuts for businesses and entrepreneurs
• Scrapping burdensome regulations
• Radical reform of the planning system
• New investment in science and innovation; and
• More support for young people with additional apprenticeships and work experience places.
To help families facing the rising cost of living, the Budget also will:
• Immediately cut fuel duty by 1 pence per litre and delay April’s inflation rise in duty to next January. This means fuel duty is 6 pence lower than it would be under Labour.
• Introduce a Fair Fuel Stabiliser to tax oil companies more to stop above inflation rises in fuel duty
• Increase the Personal Allowance from by a further £630 from April 2012. That’s another real increase of £48 extra per year, or £126 in cash terms. Together with this year’s rise, that means a total of £326 extra each year for those working hard to support their families. And it means, just ten months into office, this coalition Government has taken 1.1 million low paid people out of tax altogether.
Welcoming the Budget, Mark Reckless MP said:
“Last year the Chancellor in the Budget brought Britain back from the brink of bankruptcy and I am delighted that the Chancellor didn’t have to come back for more today.
Instead this year’s Budget sets out plans to back enterprise and get Britain making things again. By cutting fuel duty immediately and cutting income tax for millions the Chancellor has done what he can to help families now.
Constituents have written to me about 40p a mile approved mileage allowance not being sufficient to offset the cost of driving and I hope they will be pleased that the chancellor has listened and increased this to 45p per mile.
This Budget has put fuel into the tank of our economy.”