MP Julian Huppert has welcomed a Budget which puts more money in people’s pockets, creates more apprenticeships and helps businesses to grow.
He said the Budget, delivered today (Wednesday, March 19), also brought some welcome news for pensioners and researchers and has given incentives for people to save.
“We have worked hard to help working families, support job creation and give our young people greater opportunities,” said Julian. “I am delighted that we have been able to increase the personal tax allowance again next year to £10,500. Thanks to this Liberal Democrat policy ordinary working people will have £800 more in their pockets, and millions of poorly-paid people will be lifted out of income tax altogether.
“In Cambridge, we have seen apprenticeships double and the creation of another 100,000 apprenticeships nationally along with a degree level programme offers even more young people the opportunity to train while earning.
“We have given people more control over their money saved in their pensions by removing the requirement for people to buy annuities. Along with other pension changes including the triple lock pension, which offers particular help to women who have stayed at home to bring up their families and the self-employed, this represents the biggest shake up in pensions in almost 100 years.
“We have also reduced the tax on savings for people on low incomes and increased the levels and flexibility of ISA saving plans. At the same time, we are clamping down further on those who use loopholes to avoid paying their fair share of taxes.
“This Budget brings help for business as well. The employment allowance of £2,000 for every business starts from April and we are doubling the amount of money companies can offset against tax for investing in new equipment, as well as improving the terms for R&D tax credits for smaller companies.
“We have seen confidence returning to the job market over the last year and unemployment falling and today figures showed that unemployment in Cambridge has fallen again to 1,149 – 469 lower than last year. These new measures announced in the Budget will help companies even further and I am optimistic that tehy will in turn help the job market.
“There was also good news for hard-pressed publicans with the 1p reduction in a pint of beer, instead of the planned above-inflation increase. Hopefully this measure will bring some relief and save jobs – and help people have a good time.”