- Greg Hands MP has welcomed the Conservative Government’s Spring Budget 2024.
- The Conservative Government have raised the threshold of the High Income Child Benefit Charge and halved the rate at which Child Benefit is withdrawn, supporting half a million families with an average gain of up to £1,260 towards the costs of raising their children.
- This Conservative Budget supports hard-working families to pay for the costs associated with having children so they can balance their work alongside being a parent, delivering on our promise of a brighter future.
Greg Hands MP has welcomed the Conservative Government’s Spring Budget 2024 which will deliver a brighter future for families across Chelsea & Fulham.
Inflation has fallen from 11.1% to 4.0%, because the Conservatives stuck to the plan with the economy. This means the Conservative Government are able to introduce new support for hard-working parents who balance being a parent alongside their work.
The Conservative Government announced the raising of the threshold for the High Income Child Benefit Charge (HICBC) to £60,000, taking 170,000 families out of paying this tax charge, from April 2024.
The Budget also confirmed the increasing of that taper to £80,000 (the point at which the Child Benefit is fully withdrawn) – halving the rate at which HICBC withdraws child benefit, thereby also improving people’s incentives to continue working or take up more hours. This will deliver on our promise of a stronger economy and a brighter future.
The Budget builds on the Conservatives plan to deliver a brighter future for our children and hard-working families, by helping parents so they can balance their work alongside being a parent.
It also builds on the Conservative Government’s Autumn Budget 2023, which delivers the most significant expansion of childcare in a decade so that from September 2025, working families in England will be offered 30 hours of free childcare for their child aged nine months old up to school age. This is a package worth £6,500 for every family with a two-year-old using 35 hours of childcare a week, in turn helping more parents into the job that is right for them.
The Conservative Government is sticking to the plan to deliver a brighter future for you and your family.
Commenting, Greg Hands MP said:
“With inflation down and wages rising, the Conservative Government’s plan is working – and we must stick to it.
The Spring Budget delivers a fairer system for families who wish to work and care for their children by raising the threshold for the High Income Child Benefit Charge, meaning hard-working parents can keep more of the money they earn.
This was made possible thanks to the long-term decisions the Conservatives have taken to stick to the plan and strengthen the economy, helping to secure a brighter future for families across the country.”
Commenting, Chancellor of the Exchequer, Jeremy Hunt MP said:
“Because the Conservatives are sticking to the plan, with the economy inflation is down from 11.1% to 4.0%, meaning we can cut taxes and put more money in people’s pockets to grow the economy.
Our Budget cuts taxes to reward work, supports small businesses and helps more parents with the cost of childcare to grow the economy and fund public services.
By sticking to the plan, the Conservatives will deliver a stronger economy to build a brighter future. Labour cannot say what they would do with the economy because they do not have a plan, and would take us back to square one.”
ENDS
