MP Mark Menzies praises latest budget

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FYLDE MP Mark Menzies welcomed a budget “for the next generation” after the Chancellor of the Exchequer made his annual financial statement in Parliament.

Mr Menzies said he had expected an austere budget due to the unpredictability of global markets, but was pleased to see the Chancellor introduce new benefits for small businesses and savers.

He added: “We have worked hard to pull Britain out of a serious economic predicament and now is not the time to be taking risks with our financial security.

“Experts say our economy is the best prepared to deal with any global uncertainties because we have stuck to our sensible long-term economic plan to ensure we are protected from whatever the world can throw at us.

“The best way to provide security for British families and businesses depends on the country living within its means and I was pleased to hear our debt will be wiped out and we will be running at a £10.4bn surplus by 2019/20.

“Small businesses are the lifeblood of our communities in Fylde and it is great news that the small business rate relief threshold will rise from £6,000 to £15,000.

“Self-employed people locally will benefit from the abolition of Class 2 National Insurance contributions and Capital Gains Tax being reduced from 28 per cent to 20 per cent and to 10 per cent for basic rate tax payers.

“I am sure younger savers will also welcome the new lifetime ISA for under-40s, with Government boosting savings by 25 per cent, and the annual ISA allowance increasing to £20,000.

“Other welcome measures were the announcements that duty will be frozen on beer and fuel meaning Fylde residents will continue to pay a fair price at the pub and at the pump.”

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