Budget: Afriye says “learn to love wealth creation” as McTaggart warns “hard times ahead for Slough”
From the Slough Observer:
Local MPs gave very different reactions to Wednesday’s budget.
HOMEBUYERS, beer drinkers and drivers were celebrating after Wednesday’s budget announcement.
The chancellor announced the launch of the Help to Buy scheme for homebuyers, where government will provide an equity loan worth up to 20% of the value of a newly built home.
Under the scheme, the government will also create a guarantee for lenders that offer mortgages to people with a deposit of between 5-20% on homes worth up to £600,000.
Home secretary Theresa May, the MP for Maidenhead, said:
“This budget is about standing up for people who work hard and want to get on in life. It is about helping families, businesses and the taxpayer. We know times are tough, but the key to recovery is to support the British spirit and values of enterprise, aspiration and fairness.”
Windsor MP Adam Afriyie added:
“The economic strategy adopted by the Chancellor is the right one. I believe we have a moral, social and economic duty to embrace wealth creation, and if we learn to love wealth creation, then I believe that once again Britain has a bright future as a world-leading trading nation.”
Slough’s Labour MP Fiona Mactaggart took a different view, saying the budget meant “hard times ahead for the people of Slough”.
“Growth is down and borrowing is up. The independent Office for Budget Responsibility is warning that by 2015 people will be worse off than they were in 2010. Only three other G20 countries have grown more slowly than ours during the time this government have been in office.”
Chancellor George Osborne cut beer duty by 1p and removed the so-called “beer duty escalator”, which increased the duty on beer by 2% above inflation.
However, there was bad news for wine and spirit drinkers, with planned increases to the duty on both to rise by 10p and 38p respectively. Duty on cider will go up by 2p.
The personal allowance – how much money you can earn before paying tax – will increase to £10,000 from April 2014.
A planned fuel duty rise in September 2013 was also axed, meaning fuel duty will have stayed constant for almost four years.
There will be no further welfare cuts for 2015-16, while £3 billion has been committed to capital spending projects, such as expanding Heathrow.
Dominic Grieve, MP for Beaconsfield, said:
“I think that in difficult times this is a very sensible budget. There is an emphasis on reducing costs on businesses by changes in National Insurance and reducing corporation tax, and it helps protect the most vulnerable by keeping them out of paying tax altogether.”
He also said the mortgage guarantee scheme would be a ‘huge boost’ for potential buyers.