Last week, the Chancellor set out the final Budget before the general election in May. This year’s Budget continues to support enterprise and businesses in Chelsea and Fulham, and has been welcomed by local MP Greg Hands.
To ensure our economy has a strong foundation, the Chancellor also confirmed the Conservatives’ commitment to eliminating the deficit, running an overall surplus and getting debt falling as a share of national income.
Greg Hands, MP for Chelsea and Fulham, said: “We know that it is only by backing business that we can have the strong economy and job creation that we all want to see. That is why business is at the heart of our long term economic plan – a plan that we can all see is working. The economy is growing, there are a record number of people in work, living standards are rising, the deficit is down, and the debt is set to start falling as a share of national income.
“This success is in large part down to the hard work and sacrifice of Britain’s businesses – they are the ones who take the risks, create the jobs, and grow the economy. The success of the economy is business success. And it is why our long term economic plan backs business.
“The Chancellor’s Budget set out a range of measure that will help businesses continue to grow and to create jobs. The upcoming election will come down to a simple choice: to continue with the long term economic plan of the Conservatives, or risk a return to the chaos of a Labour government.”
The measures in the Budget to support businesses included:
A major review of business rates. Business rates have not kept pace with the needs of the modern economy, so we have launched a wide-ranging review of the system. The review will report back in time for Budget 2016 and you can have your say. If you want to feed in to the consultation, please send your views to: businessrates.review@hmtreasury.gsi.gov.uk
Abolishing the annual tax return to make the tax system simpler. Millions of people will have all the relevant information about their taxable income automatically uploaded into new digital tax accounts. Businesses will feel they are paying a simple, single business tax with most able to upload the relevant information automatically through their business software. We will also abolish Class 2 National Insurance contributions for the self-employed and consult on reforming Class 4 NICs to introduce a new contributory benefit test – a massive simplification for five million people. This April, there are also important tax changes: corporation tax will fall to 20 per cent – the lowest in the G20. And Employer National Insurance Contributions for under-21s will be abolished.
Freezing fuel duty to help families and small businesses with the cost of filling up a car. We have again cancelled Labour’s planned increase – delivering the longest duty freeze in over 20 years. Our action on fuel duty since 2011 saves a typical family around £10 when they fill up.
Digital Infrastructure Strategy. We’ll use up to £600 million to clear new spectrum bands for further auction to improve mobile networks, we’ll provide funding for Wi-Fi in our public libraries and we’re committing to the ambition of bringing ultrafast broadband of at least 100 Megabits per second to nearly all homes in the country.
Ensuring future scientific success. New support for PhDs and research-based masters degrees, £140 million for world class research across the UK into the infrastructure and cities of the future.
Supporting our creative industries. We are making our TV and film tax credits more generous, expanding our support for video games and launching our new tax credit for orchestras, alongside our successful existing theatre tax break.
More details on all of these and other measures can be found online at: https://www.gov.uk/government/topical-events/budget-2015.