Spring Budget

The other day, I worked out that this was the 40th Budget, including emergency Budgets, that I have been privileged to listen to, but this was without doubt one of the best Budgets, if not the best Budget, for small businesses, enterprise and wealth creation in our communities.

I welcome the doubling of small business rate relief and the increase in the maximum threshold for relief from £12,000 to £15,000. I really welcome the reduction in corporation tax, the capital gains tax changes, and particularly the 10% rate on long-term investments in unlisted companies, which will do a great deal for start-ups and business angels.

I do believe that many small businesses in West Norfolk will greatly benefit from the announcement that a new threshold for Small Business Rate Relief will be raised from £6,000 to a maximum threshold of £15,000.

I also greatly welcome other measures to help enterprise and saving including the increase in the ISA limit and the introduction of the Lifetime ISA and the abolition of national insurance for the self-employed. I welcome the fact that this is alongside measures to help the lowest paid, including the increase in the tax free personal allowance to £11,500.

However, although I support and welcome the devolution proposals, I am against the idea of an East Anglia Mayor. I was able to make my many reservations known to the House in Wednesday’s Budget debate which can be found here: http://www.publications.parliament.uk/pa/cm201516/cmhansrd/cm160321/deb…