The Chancellor has set out a budget for Britain’s hard-workers.
Budget 2013 is a budget which supports people who work hard, save and aspire to a better life for themselves and their families.
That’s why Budget 2013 is a a budget for an aspiration nation – a budget that:
From 2015 we’re offering tax-free childcare. We will pay 20 per cent of a working family’s childcare bills every year – up to £1,200 per child. A family with two children will be up to £2,400 a year better off.
Backs Britain’s hard-workers
This Budget raises the personal tax allowance to £10,000 from April 2014. This is a tax cut for 24 million people. As a result individuals will pay £700 less in income tax than they did in 2010. And 2.7 million will have been taken out of tax altogether.
Conservatives want to help more people on and up the housing ladder – and in this Budget we put forward £3.5 billion to do just that, giving people equity loans of up to 20 per cent to help them buy newly built houses.
Backs small business
This Government has already helped create one and a quarter million private sector jobs – but with this Budget we go further. Next April we will cut the employer National Insurance bill of every business by up to £2000. That means they’ll be able to take on up to 4 people full time on minimum wage without any increase in their jobs tax.
Backs big business
Our businesses are competing in a global race for wealth, work and opportunity. Today we give them a big boost in that race: we are cutting corporation tax to 20 per cent by 2015. That is the lowest rate in the G20 – the group of the world’s 20 major economies.
Fuel duty is being frozen once again – making this the longest freeze for over 20 years. Pump prices will be 13 pence lower than under Labour’s plans – leaving the average motorist with £170 more in their pocket over a year.
We will introduce a simple, flat rate pension that gives people £144 a week from 2016. Any one pound you save will be a pound you keep. On top of that, we will those who want to keep their homes instead of selling them to pay for the costs of care in their old age, with a new cap on social care costs from 2016. We promised to give people dignity in their old age; and we are keeping our word.
“The funding for lending scheme is working and two further measures in this budget should help really get the economy moving.
- Help for home buyers. Anyone buying a new build home, not just first time buyers will be eligible for 20% of the cost from the government which will allow them to get widely available 75% mortgages, only paying the government share back on sale.
- The government mortgage guarantee for all home buyers for the proportion of a mortgage between 80% and 95% will also be a big shot in the arm for them housing market
It is also fantastic that the government will provide a £2000 employment allowance to every business. For small businesses this £2000 reduction in employer national insurance contributions (NICs) will help cash flow and help investment. Sole trader businesses will be able to take on an employee for the first time without having to pay any such NICs. This should be really good news for business, employment and growth in the Medway Towns and beyond.”