July Budget 2015: What does this mean for Gosport?
This is a budget that delivers security for working people in Gosport and for our country. We're getting wages rising and the national debt falling while supporting our defences, controlling welfare, and cutting taxes. This Budget keeps us moving from a low wage, high tax, high welfare economy to a higher wage, lower tax and lower welfare society.
- People in Gosport deserve a pay rise: we're bringing in a compulsory National Living Wage for all people 25 and over that will reach £9 an hour by 2020.
- The personal allowance will rise from £10,600 to £11,000 from April next year – meaning the typical taxpayer in the Gosport area will be paying £905 less than in 2010.
- The threshold at which the 40p rate is paid will rise from £42,385 to £43,000. This is the first major step towards our commitment to raise the personal allowance to £12,500, and the 40p threshold to £50,000 by the end of the Parliament.
- Investing £750m in cracking down on tax avoidance whilst cutting corporation tax to 18% to show that Britain is truly open for business. Supporting saving and aspiration by taking the family home out of inheritance tax by raising the effective threshold to £1million.
- Once again, there will be no rise in fuel duty this September - by April 2016 the five year fuel duty freeze will have saved the typical motorist in Gosport £675.
- Supporting pensioners, the vulnerable and the disabled: pensions remain triple-locked, pensioner benefits guaranteed and those who can't work will have their benefits protected.
- But we're putting welfare on a more sustainable footing by freezing working-age benefits, limiting the support provided to families on tax credits or Universal Credit with more than two children – so all families thinking about having another child face the same choices – and reducing the total you can claim on benefits down to £20,000 in Gosport.
SUPPORTING PEOPLE IN WORK
- From September 2017, working families with 3 and 4 year olds will receive 30 hours of free childcare – an increase from the 15 hours they're currently offered.
- Changing non-dom rules so British people pay British taxes in Britain. From now on people who are born in the UK to parents who are domiciled here will pay the same tax as everyone else. We're also abolishing permanent non-dom status, so anyone resident in the UK for more than 15 of the past 20 years will pay full British taxes.
BACKING OUR ARMED FORCES
- Committing to meet the NATO pledge to spend at least 2% of our national income on defence – not just this year but every year until 2020. This will make sure our Armed Forces have the resources they need to keep us safe and will support jobs in the Gosport area.
SUPPORTING SKILLS AND TRAINING
- Introducing an apprenticeship levy on large firms to build on the 8000 new apprenticeships in Gosport since 2010 and provide 3 million more across the UK by 2020.
INVESTING IN INFRASTRUCTURE
- A new system of Vehicle Excise Duty with its own dedicated pot - meaning that from the end of the decade every penny raised in VED will be used to invest in roads.
DEALING WITH OUR DEFICIT AND DEBT
- The national debt falling every year of this Parliament, and a budget surplus by 2019-20 – giving businesses in Gosport the confidence to invest in jobs and training.