Michael has welcomed the Government’s Spring Budget 2024, saying that it backs working people, pensioners, families and businesses across Mid Dorset and North Poole.
This year’s Budget includes:
- Tax cut for working people by reducing National Insurance tax rate from 10% to 8% from April 2024. This builds on the cut from 12% to 10% that took effect in January 2024. For someone on the average wage for our area that’s a tax cut of £850 from the previous tax year.
- Tax cut for self-employed people by reducing National Insurance tax rate from 9% to 6%. Combined with the tax cuts announced last Autumn, this is a tax cut of around £650 for an average self-employed person.
- Extend the 5p cut on fuel duty, keeping pump prices as low as possible.
- Freeze alcohol duty, helping local pubs, restaurants and hospitality venues.
- Cut tax for small businesses by increasing the VAT registration threshold for the first time since 2017, from £85,000 to £90,000.
- Increasing the number of families eligible for Child Benefit, benefiting some parents by an average of £1,260. This will especially help single earner families.
- Investing in our NHS with £2.45 billion for next year – plus an extra £3.4 billion to improve productivity freeing up medical staff to focus on patients.
- National Living Wage increased to £11.44 an hour from April.
- State pension rises by 8.5% in line with the Triple Lock to protect pensioners. The basic State Pension will be £3,750 higher than in 2010.
- All working age benefits increased by 6.7%, boosting benefit payments for households who receive Universal Credit by an average of £470 a year.
- Extending the Household Support Fund to support vulnerable households with the cost of living.
These steps make local families and workers better off, back our local businesses, support our pensioners and invest in our NHS.
Michael said:
“National Insurance tax has been cut for workers and the self-employed, fuel duty and alcohol duty remain frozen, the NHS gets more investment, and child benefit boost for local families. This is all great news for people in Mid Dorset and North Poole.”
