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View Full Version : The budget-MP's reaction



Nwicker60
21-Mar-12, 19:22
Budget will boost jobs in the north and cut taxes for working families says John Thurso

Speaking after the 2012 budget statement, Far North MP John Thurso said that the package brought forward by the Chancellor will provide relief for working families and ensure that the richest members of society pay their fair share of tax.
In the Budget Statement, the Chancellor of the Exchequer confirmed that the Government would move forward with plans to increase the income tax threshold to 10,000. Next year the threshold will increase to 9,205 in a move that will give 2.1 million people in Scotland a tax cut, with basic taxpayers keeping an additional 220 of their earnings.
The Chancellor also announced a crackdown on tax avoidance, including the introduction of a new general avoidance law, and a new rate of stamp duty of 7% on houses worth more than 2 million. The costs of a cut in the 50p rate next year will be offset by these and other measures which will raise at least five times as much from the wealthy every year in other ways.
As well as the general measures announced in the Budget, the Chancellor confirmed that to support growth and investment, the Government will make 100% capital allowances for plant or machinery investment available to designated sites within the new Scottish enterprise zones. This measure has the potential to deliver more than 4,000 new jobs.
Commenting, John Thurso MP said: “It is only right that those with the broadest shoulders and who have benefitted most from the opportunities available to them pay their fair share of tax. What we have seen in this Budget is a package that will provide tax cuts for working families on low and middle incomes. The Chancellor has done the right thing in listening to Liberal Democrat pressure for the income tax threshold to be raised further.”
The MP continued: “In 2013, nearly 4,000 people in the Highlands will be lifted out of income tax altogether as a result of the increase in the tax threshold announced today. Increasing the threshold to 9,205 will benefit 94,000 low and middle income earners right across the Highlands. This budget also had significant measures to help innovation and growth, particularly in engineering and renewable. This budget will be a boost for jobs in the North and help encourage growth. Ultimately this is a budget that delivers on growth and fairness while taking some difficult decisions to bring our deficit under control.”