Budget response

21 March, 2012 No Comments

March 21, 2012

“I am delighted that through this Budget we have been able to deliver on our key promise to give ordinary workers in Cambridge another £220 cut in their income tax bills and take hundreds more low-paid workers out of paying income tax altogether.

“This means that basic rate taxpayers have seen a total tax cut of £546 putting more money back into their pockets and moving us faster towards our goal of making the first £10,000 tax free.

“Through this budget we have also made sure that the richest pay their fair share – something Labour never did – by putting a cap on the amount of tax breaks the wealthy can use to cut their income tax bills. People earning over £150,000 a year will pay significantly more as a result of this budget.

“Businesses have also been given a break with the reduction in corporation tax. Specific measures to support research and development and technology investment while further simplifying tax rules for small businesses, are also good news for the city. And by raising the Bank Levy, we are making sure that the banks that contributed to this economic crisis keep paying their fair share.

“I was pleased to hear that there is extra money available for high-speed broadband in cities like Cambridge. I've already contacted the Department of Culture, Media and Sport to ask for some of this.

“The top up of the Growing Places Fund, giving Local Enterprise Partnerships in the East of England an extra £16.4 million, promises to bring benefits to the region helping it to manage growth and create new jobs.

“And this Budget shows real progress on our commitments to infrastructure – on roads, railways, and renewable energy. Tougher green taxes on company cars will help cut emissions as well as raising money.”

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