Greg Hands MP has welcomed the Autumn Statement, echoing the Chancellor’s argument that it is only by working through the Conservatives’ long-term economic plan that we can achieve prosperity and security for families in Chelsea and Fulham.
The new forecasts for the British economy in the Autumn Statement show the Government’s long-term economic plan is working. The forecast shows the deficit will be halved this year, and the British economy is expected to grow by 3 per cent this year. Meanwhile, employment is up and unemployment is down, with over half a million new jobs forecast this year.
The Chancellor set out the next steps in his long-term economic plan in the Statement. The Chancellor also set out a number of other measures to help individuals and families. These include:
Overhauling stamp duty so that 98% of home buyers across the country, and 91% in London, pay less tax when they buy their home.
Continuing to back businesses to create jobs in all parts of the country - with action on business rates, and more help for the high street.
Abolishing the jobs tax on apprenticeships for people under 25 to help more young people get the skills they need.
Raising the personal allowance, and higher rate taxpayers will also benefit – a down-payment on the Conservatives’ promises to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 in the next parliament. In London, this will lift 49,000 of the lowest-paid people out of income tax altogether in 2015-16. 3.28 million people will see an average real terms wage boost of £95.
Supporting savers by letting husbands and wives inherit their partner’s ISA and keep its tax free status.
Supporting higher education by making £10,000 student loans available for young people doing post-graduate masters degrees. This could benefit the 40 universities based in London.
Cutting tax for families by abolishing Air Passenger Duty for children. This will save a two child family travelling from Heathrow or Gatwick Airports £26 on the cost of economy short-haul flights and £142 on the cost of economy long-haul flights.
Greg Hands welcomed these measures as good news for hardworking taxpayers in Chelsea and Fulham, and the rest of the country, saying: “I welcome the news in the Chancellor’s Autumn Statement that our deficit will be halved and economy expected to grow by 3 per cent this year. I was also pleased to hear that unemployment is predicted to fall, from the 8 per cent we inherited, to 5.4 per cent next year.”
“This is excellent news for hardworking families in Chelsea and Fulham. The changes to income tax will mean In London lifting 49,000 of the lowest-paid people out of income tax altogether in 2015-16. 3.28 million people will see an average real terms wage boost of £95. Additionally the 40 universities based in London will benefit from the new post-graduate loans system.
“This Autumn Statement confirms the Government’s long-term economic plan is working. This matters to families here in Chelsea and Fulham because it’s only with a strong and healthy economy that families here can have economic security for the future. We must carry on working through our plan and stay on course to prosperity.”