Among the key measures:
- The cancellation of the 3p Fuel Duty rise planned for January 2013 is particularly important for many in rural communities. Julian has been part of a group of MPs campaigning for this to happen given the importance of pump prices to business and to families across Skipton and Ripon.
- The Personal Allowance will increase to £9,440 taking 22,000 people in Yorkshire out of tax altogether and benefitting 1.9 million across the region.
- Pensioners will benefit from the £2.70 per week rise in the basic state pension.
- The Government will invest £314 million to upgrade the A1 to motorway standard between North Yorkshire and the North East. This is part of a wider package which will see the A1 upgraded to motorway standard from London to Newcastle.
- One billion pounds is to be invested in schools by 2015 through building new schools and the maintenance and expansion of existing ones.
- Support for small businesses. The hundreds of small businesses across the constituency will benefit from the Small Business Rate Relief being extended for another year from April 2013.
- Businesses will also benefit from increasing the Annual Investment Allowance limit from £25,000 to £250,000 for two years, something which many businesses across Skipton and Ripon have raised with Julian in recent months. The decision should mean these companies will spend more money investing in their businesses and benefitting the economy.
The measures announced will support the cost of living for households and unlock growth for our businesses and industry.
Julian Smith commented:
This is fantastic news for Skipton and Ripon.
Thousands in my constituency will get an income tax cut, those who drive will welcome the cancellation of a rise in fuel duty and businesses will welcome the drop in corporation tax, the small business rate relief extension and the increase in the investment allowance.
Times are tough. But the economy is healing – and the measures announced today will bring welcome support to families and businesses in Skipton and Ripon.