It’s been a busy month in Westminster as the Chancellor announced the financial plan for the year ahead in the Budget and, after a bit of ping pong between the Houses, the Brexit Bill has passed through Parliament and received Royal Assent.
This means the Prime Minister can now trigger Article 50 by the end of March and begin Brexit negotiations.
With our exit from the EU in mind, and the aim of getting Britain and our businesses ready to capitalise on the opportunities Brexit will hopefully bring, the Chancellor presented a primarily sensible and cautious Budget.
As it’s been a few weeks since his announcements, now is a good time to reflect on a few of the key themes, what they mean for Amber Valley, and consider further measures constituents want to strengthen our area.
Alongside welcome further increases in the national living wage, childcare funding and the personal allowance (the threshold will be £11,500 from April 2017), which will benefit many constituents, the Chancellor put business at the heart of his plans for the years ahead.
This includes measures to delay the introduction of digital tax returns for small businesses below the VAT threshold and business rates mitigation, which will provide especially welcome support for struggling small pubs, with up to £1,000 relief per year. Although included in the Budget, I welcome the Chancellor’s decision not to proceed with the proposed increases to National Insurance for the self-employed.
In my speech to the House, and in public interviews afterwards, I highlighted that the proposed rise would be unwelcome news to people who are struggling and not getting all the rights they are entitled to, and that a tax rise which discourages any kind of activity is not attractive, especially when our economy is considerably reliant on self-employment.
On doorsteps around Amber Valley, constituents shared these concerns, so I’m pleased the Chancellor listened and confirmed there will be no National Insurance contribution increases in this Parliament.
We do need to ensure that employers who are disguising employment to avoid tax are prevented from doing so, but we need to guarantee that the genuine self-employed are not unduly disadvantaged.
It’s therefore good news that the Chancellor has also announced the positive step of widening the review of the benefit entitlement differences between employed and self-employed people, so it won’t just encompass parental benefit differences.
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