Havant MP Alan Mak has given his support to Chancellor George Osborne’s Budget 2016. Speaking after the Government’s plans for the new financial year were unveiled in Parliament, Mr Mak said that the Chancellor’s Budget ensured financial security and positive changes for residents on a local and national scale.
Mak praised plans to make Britain ‘fit for the future’ - including provisions to cut taxes for hard-working people and businesses, freeze fuel duty to help household budgets and small firms, improve schools to ensure children get the best start in life, and introduce a new Lifetime ISA to help the next generation to save.
Havant MP Alan Mak said: "This Budget helps hardworking people, savers, drivers, businesses and children across Havant. Income tax cuts benefit every working person whilst business rates will be abolished for many local small businesses, both strengthening our local economy.
“Britain has the fastest-growing economy in the Western world, allowing this Government to freeze fuel duty, cut taxes, spend more on local schools, and help young people to save for the future. This is a Budget that protects living standards for everyone across Havant, and helps the next generation with better schools, more savings and a stronger economy."
The introduction of a new Lifetime ISA was reserved for special praise by the Havant MP. The scheme will see the Government invest £1 for every £4 saved up until the age of 50, helping to solve the issue of people choosing between a deposit on a new house or a contribution to their pension pot.
Mak said: "Young people across Havant will benefit from the new Lifetime ISA where the Government tops up their savings, allowing them to build-up a nest egg for the future. Help to Buy is already helping young people get on the housing ladder locally."
The Havant MP also welcomed tax reforms which will see fewer low earners required to pay income tax, and a reduction in the number of middle-earners in higher tax brackets. The Chancellor’s reforms will see 1,826 low-earners unburdened from income tax in Havant by 2017, and 48,176 more hard-working people experience a reduction in their tax bill.
Reflecting on the Chancellor’s statement, the Havant MP said: "In an uncertain world, Britain's economy remains strong, giving residents across Havant economic security. The budget cuts taxes for hardworking people, freezes fuel and beer duty, and helps boost family budgets and living standards."