Rt Hon David Evennett, Lord Commissioner of HM Treasury and MP for Bexleyheath and Crayford, was present in the House of Commons Chamber today (22 November) as the Chancellor of the Exchequer, Rt Hon Philip Hammond MP, delivered his first Budget of the new Parliament.
Mr Hammond used his Budget to announce a significant amount of new investment, including £3billion for preparations for Brexit, a further £2.3billion investment in science and innovation, and the abolition of stamp duty for all first time buyer purchases up to £300,000.
Other measures included in the Budget today include:
• Helping people to keep more of what they earn – from April 2018, the personal allowance will rise to £11,850, meaning the typical basic rate tax payer will be £1,075 a year better off compared to 2010. The higher rate allowance will also increase to £46,350.
• The fuel duty rise scheduled for April has been cancelled, which means it has been frozen for the eighth consecutive year. As a result, the average car driver is £850 better off since 2010.
• Investing more in the NHS – an additional £2.8billion of funding to 2019-20, including £350 million for this winter and £1.6billion next year. There will also be another £10billion in capital to upgrade NHS buildings and facilities.
• Helping our young people with the cost of travel – we are extending discounted rail travel with a new 26–30 rail card, which 4.5million people will benefit from.
Mr Evennett commented: “I welcome the announcements made by the Chancellor in today’s Budget. As a Government, we are continuing to invest in our vital public services, cutting taxes for the lowest paid, and building a Britain fit for the future.”