A budget supporting Staffordshire’s firms to invest, export and create jobs

On Wednesday we had the Chancellor’s latest budget with some promising business changes that will benefit many of our local firms while laying the foundations for sustainable economic growth. Also announced and set to benefit Staffordshire people was an increase in the taxable allowance and the introduction of some big changes to the pension system.

The new budget plan includes doubling direct lending to businesses to £500,000 which will allow them to invest, export and create jobs especially apprenticeships for young people. New export markets will be pursued with £3 billion being made available which is vital for continued growth and prosperity in Britain and of course for Staffordshire’s economy. This means that our small and medium sized manufacturers will get the help they need to expand and grow.

Many of the business initiatives will also support our recently-announced City Deal, which will attract more than £110 million initially, as part of a 10 year programme to create more than 20,000 jobs, 3,900 apprenticeships and cheaper power for energy-intensive manufacturers.

I was pleased to see that the personal taxation threshold will increase to £10,500 and the 40p tax threshold rise to £41,865. The Chancellor also announced major changes to the pension system which will give people the chance to take increased control of their own lives by being able to make more decisions about how they use their retirement income and live independently. This is the first major reform of pensions since the 1920s and pensioners will have freer access to decide what they want do with their pension pot.

The announcement of a 1p a pint cut in beer duty is thanks to Burton and Uttoxeter MP Andrew Griffiths for his hard lobbying on behalf of the historic brewing town and this will no doubt benefit the many local breweries and workforce.

Overall a positive budget plan that supports our ongoing work to boost the local economy, enabling Staffordshire to thrive with more people in employment.

Comments are closed.