EAST Hampshire MP Damian Hinds has welcomed the autumn Budget presented last Wednesday by Chancellor Philip Hammond.
The statement laid out plans for £15.3bn-worth of new support for house building over five years and changes to the planning system which will encourage better use of urban land.
Abolishing stamp duty on homes under £300,000 for first-time buyers, and applying the exemption to properties worth up to £500,000, means that 80 per cent of people buying their first home won’t pay stamp duty.
Mr Hinds said: “I’m pleased it includes support for new house building, particularly as affordability is a concern in East Hampshire.”
The Budget also included plans to bring forward to April changes to business rates worth £2.3bn over five years and to hold the VAT threshold at £85,000.
From April, tax-free personal allowances are set to rise to £11,850, the National Living Wage will increase from £7.50 to £7.83 an hour.
Mr Hinds said: “Many people are feeling pressure on their budgets, and it’s right that we support those in work through the increases in personal allowances, National Living Wage and National Minimum Wage levels. And a further freeze on fuel duty is welcome.
“Despite the strong employment numbers, and borrowing falling since 2010, debt is still too high. We need to maintain fiscal control, yet invest in services such as the NHS.
“The UK is uniquely placed to prosper from the global growth in digital and high tech industries, and we’re laying the foundation for success with investment in maths and science in our schools, and more funding for digital training.”