Budget will be a boost for families in Bucks
A BUCKS MP has welcomed the summer Budget which she says will benefit families in her constituency.
MP for Chesham and Amersham Cheryl Gillan believes the budget, announced on Wednesday last week aims to reduce the deficit and keep moving to a higher wage, lower tax and lower welfare economy, putting security first for families in Chiltern.
She said: “Working people will be able to keep more of the money they earn, through the increase in the tax personal allowance. This will rise to £11,000 in 2016-17, so next year a typical rate income tax payer will be £905 a year better off, compared with 2010. The commitment is to raise the allowance to £12,500 by 2020.”
The threshold for higher earners will rise to £43,000.
There will be a new National Living Wage for over 25s.
Mrs Gillan added: “Two and a half million people will get a direct pay rise.
“Those currently on the minimum wage will see their pay rise by over a third this Parliament (to 2020), a cash increase for a full time worker of over £5,000.”
There was a commitment to legislate to apply a reduced rate of fuel duty to aqua-methanol, a change which was lobbied for in Parliament by Mrs Gillan, speaking out for Zero-m, a company based in Chalfont St Giles, working to introduce this new, cleaner fuel.
She said: “Legislation is planned for the 2016 Finance Bill.”
Business as a whole has seen a reduction in corporation tax. Small and medium sized enterprises will be able to benefit from an enhanced annual investment allowance, which was due to taper away later this year.
On an issue about which many constituents have contacted her, Mrs Gillan said that constituents in Chesham and Amersham would be pleased that there are moves to reduce inheritance tax on family homes.