This afternoon the Chancellor delivered a Budget which lays the foundations for a Britain fit for the future. This Budget was abalanced approach that continues to reduce the deficit and pay off our debt (still £65,000 per household) while supporting families by increasing the National Living Wage, cutting income tax, freezing fuel duty and investing in public services we value.
The careful management of the economy means that the Chancellor was able to put an additional £2.8bn into our NHS. £350 million immediately to allow trusts to plan for this winter; £1.6 billion in 2018-19, with the balance in 19-20, taking the extra resource into the NHS next year to £3.75 billion in total.
As we approach Small Business Saturday, I was particularly pleased with the Chancellor's announcement on business rates – bringing forward the planned changes to uprating from RPI to CPI, worth £2.3bn to businesses over the next five years; a shorter revaluation period from 5 years to 3, which will reduce the size of future changes; and extending the £1,000 rates discount for pubs. Crucially, the Chancellor also announced progress on making our business tax system fairer with measures focussed on our digital economy and a commitment to find solutions internationally.
For young people - we are getting rid of stamp duty on all house purchases up to £300,000, benefitting those who are working hard to get on the housing ladder and we're introducing a new 26 – 30 rail card, giving 4.5 million more young people a third off their rail fares.
The Chancellor also committed to a package of measures, which are forecast to raise an additional £4.8bn on top of the £160bn we have already raised for public services by clamping down on tax avoidance and evasion.
For more details of today's Budget see here
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