MP: Budget shows compassion and encourages work
Responding to the Chancellor’s Budget announcements today, John said,
“It was good to hear that the economy is due to do better than many sceptics and forecasters thought. The Budget has lots to commend it. The extra £11 billion in defence is welcome, and the continued fuel duty freeze and the extension of the 5p cut will help motorists and businesses across the country.”
“I welcome the fact that the Government is trying to help people further by extending the Energy Price Guarantee. There are also excellent measures to help people back into work including the expansion in free childcare which will enable many parents to return to the workforce.”
“The increase to £60,000 in the cap on tax-free pension contributions, along with the abolition of the lifetime allowance, will also help reduce the financial disincentives to remaining in the workforce for experienced and valuable workers, particularly within the NHS.”
“I would like to see the increase in corporation tax reversed. However, I welcome the good news that for smaller businesses the Annual Investment Allowance will be increased to £1 million, and the Chancellor’s announcement that for the next three years all investments in IT equipment, plant and machinery can be deducted in full from taxable profits is also positive.”
