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PETERBOROUGH PERSPECTIVE ON BUDGET
(24/03/11) Lib Dem parliamentary spokesperson for Peterborough, Cllr Nick Sandford gives his views on the budget, highlighting LIB DEM promises that have been kept:
Dear Letters Page,
One very positive item in the Chancellor’s budget this week was the proposal to further increase income tax thresholds and take large numbers of people out of tax completely.
Your readers may recall that in our General Election manifesto last year, a key pledge of the Liberal Democrats was that no-one should have to pay any income tax on the first £10,000 of their earnings. Now that Liberal Democrats are in Government, we are delivering on that.
Last year in his emergency budget, the Chancellor announced that from April 2010, the threshold for payment of basic rate tax would increase by £1000. So from this April, over 800,000 people who currently pay income tax will now have their liability reduced to zero. That will be a massive boost to the income of many low earning individuals and families, very welcome at a time when prices are rising and many people are finding it hard to cover basic living costs. And at the same time, every basic rate tax payer from 6 April will see their annual income tax bill drop by over £200.
This year the Government has gone further and said that from April 2012, the tax threshold will increase by a further £640 and the promise has been made (in the Coalition Agreement) that by 2015 the threshold will be increased to £10,000 …thus fully implementing the Lib Dem election promise.
Add to this the proposed new significantly enhanced old age pensions as a basic entitlement for everyone, the “Pupil Premium” giving more money to schools in deprived communities and the Government’s “Green New Deal”, in which millions of people will receive help with the cost of insulation and energy saving….. and it then becomes clear that Liberal Democrats in Government are delivering on our key commitments and improving the personal finances and the lives of millions of people throughout the United Kingdom.
Lib Dem parliamentary spokesperson for Peterborough
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