MPs welcome ‘feel good’ budget that will help the hard working and encourage saving

George Osborne.
George Osborne.
  • MPs Mike Penning and David Gauke have welcomed the new Budget
  • Mr Penning says long-term economic plan is working for Hemel Hempstead
  • ‘Many will benefit,’ said Mr Gauke

The area’s MPs have welcomed measures announced in the new Budget, which will encourage savers and reduce taxes for all working people.

Tory MPs MP Mike Penning for Hemel Hemsptead and David Gauke for South West Herts both had positive comments following George Osborne’s announcement on Wednesday.

Mr Penning said: “Our long-term economic plan is working for Hemel Hempstead.

“With record low levels of unemployment, more local people will be able to benefit from the increased tax free allowances meaning every working person will take more of their salary home each month.”

The tax-free personal allowance will rise from £10,600 in 2015/16 to £10,800 in 2016/17 and £11,000 in 2017/18.

Mr Gauke said: “From the point of view of my constituents many will benefit from the new personal saving allowance and yet another increase in the personal allowance, reducing income tax.”

Mr Penning added: “Savers will welcome the new personal savings allowance, which will abolish tax on savings for 17 million people and the help to buy ISA will encourage yet more people to save for their own house with a government top-up of £50 for every £200 saved.”

Both said the ‘feel good’ Budget is another step on the road from austerity to prosperity.

As financial secretary to the Treasury, Mr Gauke said: “I am struck by the improvement in the state of the economy and the public finances over the last five years. As far as the economy is concerned this country is moving in the right direction.”

Other Budget highlights include:

Mike Penning.

Mike Penning.

>Cancelling fuel duty - Osborne says £10 off a tank with the Tories.

>Cutting beer duty by a penny off a pint, cider, whisky and spirits duty down by two per cent and a freeze on wine duty.

>No changes to gaming or tobacco.

>Minimum wage to rise to £8 by the end of the decade.

David Gauke.

David Gauke.

>Savers will not have to pay any tax on interest on the first £1,000, or £500 for higher-rate taxpayers.