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A Budget for Sutton Coldfield

This week the Chancellor George Osborne delivered his final budget to Parliament before the General Election. I greatly welcome the Chancellor’s budget as another step on the path of prosperity for our Royal Town.

Britain’s economy remains on the up. Employment is at a record high, a thousand jobs a day have been created every day under this government. In Sutton unemployment is down by half since the last election. Borrowing has been revised down and the deficit will halve to 5% this year. The Office for Budget Responsibility, an independent agency have revised growth up to 2.5% this year despite weaker world and European growth. It also forecast living standards will be higher in 2015 than in 2010 by an average £900 per family.

I wanted to highlight a number of points in the budget to Suttonians:

Supporting Savers:
The budget introduces a new Personal Savings Allowance to abolish taxes for 17 million savers. Millions of Britons pay tax on their savings even though they have already paid tax when they earned the money. From next year the new tax-free allowance for the first £1,000 of interest basic rate taxpayers earn will be completely tax free – taking around 95 per cent of all savers out of savings taxation altogether.

A new flexible ISA to encourage saving by trusting people with their hard-earned money. The latest figures show there were 1.95 million ISA holders in the West Midlands. From the autumn, people will have complete freedom to take money out of an ISA and put it back in later in the year without losing their tax-free entitlement.

More freedom for pensioners over their savings:
The budget extends new pension freedoms to the 5 million pensioners who already have an annuity meaning pensioners will be able to sell their annuity in return for a lump sum.

Cutting taxes and making them fairer:
Raise the personal tax-free allowance to £10,800 next year and £11,000 the year after. We will also raise the threshold at which people pay higher rate tax.

Backing business:
Abolishing the annual tax return to make the tax system simpler. Millions of people will have their information automatically uploaded into new digital tax accounts. Businesses will see they are paying a simple, single business tax. We will abolish Class 2 National Insurances contributions for the self-employed – a massive simplification for five million people.

The budget gives us a choice:
This budget provides a clear plan to continue on this road of recovery from the chaos and misery left by the last Labour government. It focuses on supporting savers, lowering taxes for people in work and ensuring a recovery for the whole nation.

Five years ago, Britain was spending and borrowing too much, too many people were out of work and our economy was on its knees. That’s why there is a critical choice facing us at this election; return to the chaos of the past or stick with a plan that is working and choose a more prosperous future.

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