What did you make of the Chancellor’s Budget?
What did you make of the Chancellor’s Budget this lunchtime?
He’s had to balance the need to cut the deficit and also introduce policies for growth.
No doubt such measures as the proposed cut in corporation tax to 18% and increase in National Insurance employment allowance will offer encouragement to some businesses along with proposals to boost apprenticeships.
An increase in the annual investment allowance to £200,000 for businesses is also welcome, while the 2% guarantee in defence spending is welcome news for many companies in the Portsmouth area with MoD contracts.
In terms of property, rents in social housing sector will be reduced by 1% a year for the next four years while higher-income households in social housing will be required to pay rents at the market rate.
Also, 18-21-year-olds will not be entitled to claim housing benefit automatically.
There were no major shake-ups as we saw with the major overhaul of Stamp Duty last year. However, any measures to put more money in the pocket of the public and business – such income tax threshold rises and cuts in corporation taxes – have to be welcomed.
You can read more on the BBC website at http://www.bbc.co.uk/news/uk-politics-33440315.
What did you make of the Chancellor’s Budget this lunchtime? He’s had to balance the need to cut the deficit…