The economic recovery is taking longer because the damage is worse than we feared. But the economy is healing. The last thing we could do is put all this progress at risk and attempt to borrow less by borrowing more.
The Chancellor has today announced critical measures that will be welcomed across Bromley & Chislehurst. The personal allowance will rise further, meaning people will keep more of the money they earn before income tax kicks in. Labour’s planned fuel duty rise has been cancelled, which is of particular significance in suburban areas like Bromley. Small businesses rate relief has been extended for another year and the proposed Mansion Tax has been rejected.
The measures announced today will support the cost of living for households and help businesses across our local area.
The Chancellor’s Statement to the House of Commons can be found here: http://www.hm-treasury.gov.uk/as2012_documents.htm
Bob Neill MP commented:
“Times are incredibly tough for households and there are sadly no short cuts away from the mess bequeathed by Labour. But today’s measures are good news for people in this area. Businesses will welcome the drop in corporation tax and the small business rate relief, workers will benefit from the rise in personal allowances and the elderly will see their state pensions rise.
“In particular, I am pleased that the Chancellor has decided to cancel the Fuel Duty rise planned for January 2013, which will save a typical driver £40 per year, and I am grateful that the he has listened to my plea not to introduce a Mansion Tax that would have hitordinary families and pensioners in London who have worked hard, saved carefully and paid their taxes.”