North Warwickshire and Bedworth’s Member of Parliament has praised measures in the budget which will see first time buyers exempt from paying any stamp duty up to £300,000 of a house valuation.
Craig Tracey MP had made representations ahead of the budget to the Government urging them to maintain Green Belt protections, freezing Insurance Premium Tax to keep costs down to those who protect their property and businesses and in support of the local pub industry. All of the issues raised by the local MP have been accepted in the Chancellor’s Budget announcements.
Craig commented:
“The dream and aspiration to own your own home is so important to millions of people across the UK and in our community it is no different. The Conservatives want to make this dream a reality and this significant move will abolish stamp duty for 80% of first time buyers. The policy will help younger people afford to buy which has become increasingly more difficult to achieve compared to their parent’s generation. The budget also reaffirms the Government’s commitment to maintain the existing protections for the Green Belt – which I know is important to local residents.
“I also welcome the announcement that the Government is investing another £10 billion in capital to upgrade buildings and facilities, ensuring our NHS is fit for the future with an additional £350 million for this winter and £1.6 billion next year to deal with pressures the NHS is facing. We continue to invest in our NHS.”
The Local MP had written to the chancellor calling for support for local pubs who are facing increasingly uncertain futures. To support thousands of small pubs, the Chancellor extended the £1,000 discount for pubs with a rateable value of less than £100,000 to March 2019. The Government will also help budgets go further by freezing duties on ciders, wines, spirits and beers.
Mr Tracey said:
“I received a lot of emails from pubgoers in North Warwickshire and Bedworth and Landlords who are concerned by pressures on the pub industry. The pub trade is particularly important in North Warwickshire and Bedworth as we have 3 breweries and 91 pubs, supporting more than 1,700 jobs. So I am delighted that the Chancellor has listened to my comments and taken action.”
Further measures announce in the Budget by Philip Hammond included:
• Boosting incomes with the National Living Wage. From April 2018, the National Living Wage will rise by 4.4 per cent to £7.83, meaning full-time workers are £2,000 better off since it was introduced. The National Minimum Wage rate for young people will rise by around 5 per cent – the largest increase in youth rates in ten years.
• Helping people to keep more of what they earn. From April 2018, the personal allowance will rise to £11,850, meaning the typical basic rate tax payer will be £1,075 a year better off compared to 2010. We will also raise the higher rate to £46,350.
• Helping young people with the cost of travel. Extending discounted rail travel with a new 26–30 rail card, giving 4.5 million more young people a third off their rail fares.
• Cutting fuel duty for millions of hardworking people. The Conservatives will cancel the fuel duty rise scheduled for April – keeping it frozen for the eighth consecutive year meaning the average car driver is £850 better off since 2010.