MP welcomes Autumn Statement announcements
South Lakes MP Tim Farron has welcomed the Autumn Statement announcements and has said that this will help businesses and residents in South Cumbria. Tim pointed to the increase in the tax threshold for thousands of people on low and middle incomes, help for small business and a boost for apprenticeships.
- The tax-free personal allowance is being increased by a further £100 in April 2015, to £10,600.
The personal allowance - the amount you earn before you have to start paying income tax - will be increased again from £10,000 to £10,600 in 2015 to 2016. Typically, someone earning between £10,600 and £42,385 will be £825 better off by 2015-16 as a result of increases in the tax-free personal allowance since 2010.
Even while making difficult decisions to fix the economy, since 2010, the government has cut income tax for 26.7 million taxpayers.
- Business rates will be cut and capped, with extra Help for the High Street
To support small businesses in local communities, the 'high street discount' for around 300,000 shops, pubs, cafes and restaurants will go up from £1,000 to £1,500, from April 2015 to March 2016. This is in addition to doubling Small Business Rate Relief for a further year which means 380,000 of the smallest businesses will pay no rates at all.
Tim has welcomed the news that the government will also continue to cap the annual increase in business rates at 2% from April 2015 to March 2016 - this will benefit all businesses paying business rates.
Finally, the government will extend the transitional arrangements for smaller properties that would otherwise face significant bill increases due to the ending of 'transitional rate relief'.
- A boost for apprenticeships by abolishing National Insurance payments
Tim also pointed to the news that National insurance will be abolished for young people doing apprenticeships. This, he believes, will help more local employers take on an apprentice and will boost his campaign on the issue. Since 2010, nearly 3,000 apprenticeships have been created in Westmorland and Lonsdale.
Tim said: "When times are as tough, our focus must be on helping those on low and middle incomes. With help for the high street, support for employers to take on an apprentice and the increase in the tax threshold this is a good budget for Cumbria and will make a massive difference for our area."