Henry Smith has welcomed the Autumn Statement given by the Chancellor of the Exchequer earlier today in the House of Commons, and has hailed the news that Air Passenger Duty will be abolished for children under the age of 16.
On Air Passenger Duty, Henry said;
“I'm delighted that Air Passenger Duty will be abolished on economy flights for under 12s from next May, and for under 16s from the following March. This is good news for hard working Crawley families deserving of a well-earned holiday and for Gatwick-based travel firms and airlines.
“This is an issue I've been campaigning on since being elected Crawley's MP.”
On stamp duty;
“Stamp duty is being reformed so that 98 per cent of those who've previously paid will now see less tax when they buy their home.
“This will cut taxes for the overwhelming majority of people trying to buy a house in Crawley, and the personal allowance rise and change to the ISA rules support people who want to work hard and save.
“The buyer of the average family home (worth £275,000) will pay £4,500 less; a tax cut of £800 million a year.”
On support for small businesses;
“It's good for Crawley businesses that the Government will be extending the doubling of Small Business Rate Relief. The inflation-linked increase in business rates will continue to be capped at 2 per cent.
“The £1,000 discount for shops and cafes on the high street will increase to £1,500. In addition, there will be a full review of the structure of business rates, which will report before the Budget in 2016.
“Additionally, the research and development tax credit for small and medium enterprises will be increased to 230%, the maximum allowed. The Funding for Lending scheme will be extended by another year, focusing it entirely on small businesses.”
On the Kent, Surrey and Sussex Air Ambulance;
“I was pleased to see the Chancellor announce that money from LIBOR fines will be spent on a new helicopter for the Kent, Surrey and Sussex Air Ambulance.
“I'm pleased that VAT will be refunded on search and rescue, and air ambulance organisations, across the country.”
On a cut in income tax:
“It's great news that the tax-free Personal Allowance will now increase to £10,600 in April 2015, this will see further income tax reductions for over 43,000 Crawley households.
“Also, this will be passed on in full to higher rate taxpayers; the first increase in the higher threshold in line with inflation for five years.
“Throughout the South East, this will lift 54,000 of the lowest-paid people out of income tax altogether in 2015-16. 3.55 million people will see an average real terms wage boost of £95.
“Over the course of this Parliament, increases in the personal allowance threshold work out at a tax cut of £825.”
Henry concluded;
“While unemployment in Crawley has fallen by more than half since 2010, and youth unemployment here is down by a third in the last year alone, I know that there is still more to do.
“As the Chancellor said at the end of his speech, the Autumn Statement shows ‘the long term economic plan, on course to prosperity’.”