Michael has welcomed the Autumn Statement, echoing the Chancellor’s argument that it is only by working through the Conservatives’ long-term economic plan that we can achieve prosperity and security for families in Mid Dorset and North Poole.
The new forecasts for the British economy in the Autumn Statement shows the Government’s long-term economic plan is working:
- Deficit will be halved this year
- British economy expected to grow by 3 per cent this year
- Employment up and unemployment down – with over half a million new jobs forecast this year
The Chancellor set out the next steps in his long-term economic plan in the Statement:
- We will overhaul stamp duty so that 98% of stamp duty payers pay less tax when they buy their home.
- We will continue to back businesses to create jobs in all parts of the country - with action on business rates and more help for the high street.
- We will abolish the jobs tax on apprenticeships for people under 25 to help more young people get the skills they need.
- We will raise the personal allowance, and higher rate taxpayers will also benefit – a down-payment on our promises to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 in the next parliament.
- We will cut tax for families by abolishing the air passenger duty paid for children.
- And we will support savers by letting husbands and wives inherit their partner’s ISA and keep its tax free status.
This is excellent news for hardworking families in Mid Dorset and North Poole. The fundamental reform of stamp duty will cut taxes for the overwhelming majority of people trying to buy a house here – and the personal allowance rise and change to the ISA rules back people who want to work hard and save.