Julian Welcomes Budget Boost for Hardworking Families and Small Business
October 30, 2018
Following yesterday’s Budget Announcement Julian made the following statement:
“I am very pleased that the Chancellor has brought forward increases to the Personal Allowance and higher-rate thresholds; delivering a tax cut for 32 million people. This delivers on the Government’s commitment a year early and will be widely welcomed by families and hard-working people up and down the country.
I am glad to see the Treasury proceeding with a very significant investment in our health service, which will be front-loaded, meaning an extra £4.1 billion next year. The £2 billion increase on mental health spending is also very welcome, and should help the government deliver on its commitment to parity of esteem between mental and physical health issues. Furthermore, I am very pleased to see £650 million of new money to support local authorities in providing social care, which will assist councils like York, and also help reduce associated pressures on the NHS.
Listening to concerns raised about welfare reforms Mr Hammond announced a total of £2.7 billion of additional funding to aid claimants in their transition from the old benefits system to Universal Credit, designed to ensure work always pays. In practice, these welfare announcements mean 2.4 million working families and people living with disabilities will benefit by an extra £630 a year.
The Prime Minister has made housing a key priority for this Government and stamp duty reforms have provided real financial relief for first time buyers here in York and across the country. The announcement that all shared equity purchases of up to £500,000 will now be exempt from stamp duty builds on this record.
I have supported York’s bids to the Housing Infrastructure Fund so an extra £500m into that funding pot is further evidence that this Government is committed to helping local authorities like York to bid for vital transport infrastructure to help deliver key strategic sites like York Central and Cliftongate.
The announcement of an extra £1 billion of funding for cyber capabilities and our new nuclear submarine programme was extremely welcome news given ongoing global threats. This commitment came alongside £10m of increased funding for mental health care for veterans and marks the centenary of the World War One Armistice.
Finally, I was encouraged to see the Chancellor taking steps to rebalance the tax burden between the digital giants and smaller traders on our high streets. Targeted cuts to business rates will mean there will be an annual saving of up to £8,000 for up to 90% of all independent shops, pubs, restaurants and cafes; whilst digital services companies will pay a 2% tax on their revenues from 2020.”