The Chancellor today announced critical measures that will be welcomed across West London. The personal tax allowance will rise further, meaning people will keep more of the money they earn before income tax kicks in. Labour’s planned fuel duty rise has been cancelled. Small businesses rate relief has been extended for another year. We have also seen a range of capital infrastructure projects to boost growth up and down the country.
The measures announced today will support the cost of living for households and unlock growth for our businesses and industry.
Local MP Mary Macleod commented:
“This is fantastic news for my constituency. Thousands of my residents will get an income tax cut and people who drive will welcome the cancellation of a rise in fuel duty that the Labour Government had planned for. “
“I was also very pleased to hear about the cut in corporation tax and the small business rate relief. We have so many great businesses in West London and I spoke in Parliament during the Autumn Statement debate to mention how Aker Solutions have increased their UK jobs from 30 to 1300. What’s more, the raft of capital infrastructure projects will unlock growth and equip Britain to compete in the global race. “
“Times are tough. But the economy is healing – and the measures announced today will bring welcome support to local families and businesses”
Brief Summary
Personal Allowance increase to £9,440. This change will benefit 3.2 million people in London, lifting 28,000 people in the South West out of income tax altogether.
State pension. 1 million pensioners in London will benefit from the £2.70 per week rise in the basic state pension.
Fuel duty. Cancelling the Fuel Duty rise planned for January 2013 will help the owners of the 3 million vehicles in London, saving a typical driver £40 per year. Fuel prices will stay 10p lower than under Labour’s plans.
Support for small businesses. London’s 805,000 small businesses will benefit from the Small Business Rate Relief being extended for another year from April 2013. Businesses in London will also benefit from increasing the Annual Investment Allowance limit from £25,000 to £250,000 for two years, as well as £25 million per year more for UK Trade and Investment’s export support to Small and Medium Sized Enterprises.
Northern line to Battersea. The Government will provide a UK Guarantee allowing the Greater London Authority to borrow up to £1 billion from the Public Works Loan Board, at a preferential rate, to finance the extension of the Underground and wider redevelopment of the Vauxhall, Nine Elms and Battersea area. This could create up to 16,000 new homes and 25,000 new jobs.
Capital investment in roads. The Government will invest £150 million to tackle congestion at Junction 30 (Thurrock) on the M25, with work starting from 2015.
£120 million invested in flood defences nationally. We will invest an additional £120 million in flood defences.This is in addition to £2.1 billion committed in 2010 which has seen construction started on flood defences that will improve protection for than 16,000 households in London and the South East.
Science investment. The Government has announced £600 million of additional capital funding for science and technology funding. As announced in October 2012, the Government will invest in an £85 million partnership between UCL and the Great Ormond Street Hospital, a £60 million partnership between Brunel University, TWI and other companies to develop the National Research Centre for Structural Integrity, and a £150 million partnership between Imperial College London and Voreda to contribute to the development of a major new campus adjacent to the White City regeneration area. The Government will also support a new advanced metrology lab at the National Physical Laboratory in Teddington.