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Jonathan Djanogly MP welcomes Budget


31st October 2018

Our local area will benefit from investment in transport, business and technology, as the Chancellor set out his plan to reward the hard work of the British People.

This year’s Budget provides a comprehensive plan to support the heath service, our high streets, and ensure working people have more money in their pocket.

The announcements include:

  • Investing £21 million for the Cambridge and Peterborough Combined Authority, enabling them to further invest in their local transport priorities. This is part of an increase of £770 million into the national Transforming Cities Fund to improve productivity and spread prosperity across the County.
  • Fulfilling our promises on income tax one year early, so people keep more of what they earn. We will raise the Personal Allowance to £12,500 and Higher Rate Threshold to £50,000 one year early, saving a typical basic rate taxpayer £130 compared to 2018-19 and £1,205 compared to 2010-11. Nearly 1 million fewer people will pay the higher rate of income tax.
  • Backing high streets by cutting business rates by a third for two years. Rates will be cut by a third for retailers with rateable value under £51,000, saving up to 90 per cent of all shops up to £8,000 each year.

Commenting, Jonathan Djanogly MP said:

‘The Chancellor has set out how the hard work of the British people, our careful fiscal management and solid economic recovery is paying off.

‘We have seen a significant upgrade to our public finances, underscoring the strength of the economic recovery.

‘Now we turn our eyes to the future, meaning more support for our great public services, help for household budgets now, and investment for the long-term to deliver higher living standards as our economy grows.’



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