Measures set out in the Government’s Autumn Statement last week have been held up as a positive thing for this area by local MP Mark Simmonds.
Mr Simmonds, who represents the Boston and Skegness constituency, said he believed the things put forward by George Osborne were ‘good news’ for the area, as they would support the cost of living forhouseholds and unlock growth for industry in the area.
In his speech last Wednesday, the Chancellor announced measures including a rise in the personal tax allowance, the scrapping of the 3p rise in fuel duty, an increase in the basic state pension, cuts in benefits for working age people, and an annual increase capped at one per cent for the next three years. Disability and career benefits will be increased in line with inflation.
Businesses could benefit from a reduction in corporation tax and changes to equity markets for small and medium businesses.
Mr Osborne told the Commons that economic recovery would take longer than anticipated, as financial issues in the country are worse than previously thought.
Mr Simmonds said that despite this, the economy was healing, adding that the changes revealed in the statement were necessary in order to save rising the progress the UK has made in tackling the deficit.
He added: “The East Midlands will see 1.8 million people get an income tax cut. The 2.7 million people who drive will welcome the cancellation of a rise in fuel duty that the Labour Government had planned for. Businesses will welcome the drop in corporation tax and the small business rate relief. I am also exceptionally pleased that the 890,000 pensioners in the East Midlands will see yet another rise to their pensions.
“Times are tough. But the economy is healing – and the measures announced today will bring welcome support to families and businesses in Boston and Skegness”.