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Budget for the many not the few

March 21, 2012 4:23 PM
Originally published by Scottish Liberal Democrats

Borders MP and Secretary of State for Scotland, Michael Moore MP, has hailed today's statement from the Chancellor as a Budget for the many, not the few, following the announcement of a rise in the income tax threshold.

Michael Moore MPMichael Moore MPThe Chancellor announced in his Budget statement that, from April 2013, the Personal Allowance will increase by a further £1,100, taking the limit to £9,200. This means that more than 45,000 people living in the Scottish Borders will be £550 a year better off, with a £220 tax cut in 2013 on top of cuts of £200 last year and a further £130 next month. In addition, 4,700 people in the Borders will have been lifted out of paying income tax altogether.

Speaking immediately after the Budget, Michael Moore said:

"As a Liberal Democrat, I have campaigned for years for a fairer taxation system, where help is provided for those who need it most and where the richest pay their fair share. I am delighted that we are delivering on our party's pledge to go further and faster on raising the personal tax allowance."

Other key measures include a cut in corporation tax in 2012 to 24% and a National Loan Guarantee Scheme announced yesterday to help smaller businesses receive cheaper loans. Commenting on these measures, Michael Moore said:

"In these difficult economic times it is vital that businesses are given a helping hand. The reduction in corporation tax to 24% means we have reached our original target for this Parliament, and the planned further cut to 22% in 2014 will provide an extra boost further down the line. These measures will provide real help to our local businesses."