The following is the text of a press release issued by the Rt. Hon. David Jones M.P. on 16 March 2016.
JONES WELCOMES “A BUDGET FOR THE NEXT GENERATION”
Westminster, 16 March, 2016
Clwyd West MP, David Jones, today welcomed a Budget that puts the next generation first by:
- Cutting taxes for working people so they can keep more of the money they earn. From April next year the tax free personal allowance will rise to £11,500, a tax cut for 31 million people, meaning that a typical basic rate taxpayer will be paying more than £1,000 less income tax then when the Conservatives came into government. The higher rate threshold will also increase to £45,000, a tax cut of over £400.
- Freezing fuel duty to help household budgets and support small firms. The Conservatives have frozen fuel duty for the sixth year in a row, a saving of £75 a year to the average driver and £270 a year to a small business with a van.
- Introducing a new Lifetime ISA to help the next generation to save. People like the simplicity of ISAs, so we’re going to increase the ISA limit from just over £15,000 to £20,000 for everyone. For those under 40, many of whom haven’t had such a good deal from pensions, we’re going to introduce a completely new Lifetime ISA. You won’t have to choose between saving for your first home, or saving for your retirement – the government is going to give you money to do both. For every £4 saved, the government will give you £1. So if you put in £4,000 each year, the government will give you £1,000 every year until you’re 50.
- Cutting taxes for small businesses. 600,000 small businesses will pay no business rates at all, an annual saving of up to almost £6,000 forever, and 250,000 small businesses will get a tax cut on their business rates bill. We have also cut Capital Gains Tax to boost enterprise and cut Corporation Tax to support job creation.
David Jones said:
“Britain’s economy is strong, growing and resilient because of the steps the Conservatives have taken over the past six years. But we face a range of risks – financial markets are volatile, productivity growth is too low and the outlook for the global economy is weak.
“That is why this Conservative Government is taking the steps needed to ensure that Britain is fit for the future. That means ensuring we have sound public finances at the same time as helping savers, cutting taxes for both hardworking people and businesses, and giving the green light to major infrastructure projects. In particular, the North Wales Growth Deal offers the prospect of plugging our local economy into the dynamic Northern Powerhouse.
“This Budget chooses to put forward long term solutions to long term problems. It puts the next generation first and redoubles our efforts to make Britain fit for the future.”