Mike Penning welcomes budget for growth

Hemel Hempstead MP, Mike Penning, has welcomed George Osborne’s budget as a ‘budget for growth, jobs and families’.

Mike Penning, MP for Hemel Hempstead, has welcomed the Government’s Budget with its plan to reform the economy to support jobs and growth, and to take steps to help families with the cost of living – including an immediate cut in fuel duty.

Key measures in the Budget to boost growth include:

• Tax cuts for businesses and entrepreneurs
• Scrapping burdensome regulations
• Radical reform of the planning system
• New investment in science and innovation; and
• More support for young people with additional apprenticeships and work experience places.

To help families facing the rising cost of living, the Budget also will:

• Immediately cut fuel duty by 1p per litre and delay April’s inflation rise in duty to next January. This means fuel duty is 6 pence lower than it would be under Labour.
• Introduce a Fair Fuel Stabiliser to tax oil companies more to stop above inflation rises in fuel duty.
• Increase the Personal Allowance from by a further £630 from April 2012. That’s another real increase of £48 extra per year, or £126 in cash terms. Together with this year’s rise, that means a total of £326 extra each year for those working hard to support their families. And it means, just ten months into office, this coalition Government has taken 1.1 million low paid people out of tax altogether.

Mike said:

“The Government is right to stick to the plan of living within our means, but I am delighted that today’s budget contained measures to help families and support small businesses. By cutting fuel duty and cutting income tax for millions of people, the Chancellor has done what he can to help families now.

“I also welcome plans to scrap regulations, reform the planning system and cut taxes for businesses. This will help the private sector create more jobs. We can tell the world that Britain is open for business again.”