On Wednesday the Chancellor George Osborne MP provided his Autumn Statement to MPs, in which he explains how much money is coming in to the Treasury through taxes, and how much is going out through spending. I joined MPs in a packed and at times raucous House of Commons chamber for the debate.
Since I was elected in 2010 I have make a decision not to make partisan, party political interventions in the Chamber. The public in Teignbridge tell me that they don’t like it, and I agree with them. Yesterday was no different when I spoke. My sole focus was on assessing measures that will benefit people, families and businesses here in Teignbridge.
There were many policies announced that were, in my view, very good news, but a number really stood out.
I am passionate about apprenticeships, so the news that companies will pay no National Insurance for apprentices under the age of 25 is brilliant. Official figures show that almost 90% of apprenticeships lead to a job. We need to encourage and incentivise companies to give our young people their first break in the world of work, so this measure will definitely help. The Personal Income Tax threshold – the starting point at which you are introduced to the taxman – was also raised, to £10,600. This will take a further 430,000 out of paying tax altogether.
I am equally passionate about Business Rates – they are a nonsense, and I want them reformed! As Chair of the All Party Group for Micro Businesses, I have lobbied ministers long and hard on this, because they disadvantage the ‘little guy’ and the small traders that we rely on so heavily. The Chancellor’s announcement of a review into this tax, along with capping the increase to 2%, was very welcome. Our many small traders in Teignbridge will particularly benefit from the £1,500 business rates discount, which was extended for another year, and applies on properties with an annual rental value below £50,000.
The headline grabbing announcement was on Stamp Duty, with MPs approving new measures that came in to force on the same day. Put simply, the new reduced Stamp Duty rates will have a huge impact for the better on people in Teignbridge who want to move house. They are ideal for the property market in our area, and will put hundreds of extra pounds in people’s pockets – money that can be spent on their new homes!