March 11 2014 Latest news:
By Ross Logan , Reporter
Wednesday, March 21, 2012
WELWYN Hatfield MP Grant Shapps has hailed today’s Budget – and called Labour leader Ed Milliband’s claims it is designed to help millionaires “bizarre”
The housing minister spoke to the Welwyn Hatfield Times shortly after Chancellor George Osborne’s announcement, which saw the personal allowance threshold raised to £9,205 for April next year.
A simpler tax system for small businesses with a turn over of up to £77,000 will also be intoroduced, and corporation tax has been cut by one per cent, with immediate effect.
Mr Osborne also announced a crackdown on tax avoidance and an increase in stamp duty on houses worth more than £2m.
Echoing the Chancellor’s own comments, Mr Shapps said: “It’s a very radical reforming budget, designed to help Britain earn its place in the world, which I think is to be welcomed.
“It unashamedly backs businesses, which is the right way to get the economy growing, and to help help families that aspire to do better for themselves.
“If you’re working hard, you’ve got the tax free allowance going up to over £9,000, which will benefit 24 million families.
“At the same time we’re dealing with the deficit, which got us into this mess in the first place.”
After the Chancellor’s speech, Opposition leader Ed Milliband accused the coalition of creating a “Millionaire’s Budget” - a reference to the decision to axe the 50p tax rate to 45p.
“It was bizarre kind of comment,” Mr Shapps said. “Considering it [the Budget] is clearly introducing a bunch of measures that will tax people at the high end of the pay scale.
“There’s no point having a tax rate in this country if it doesn’t raise money, and worse still, if it makes people go and live elswhere or find ways to avoid paying it.”