Budget 2016- What it means for the residents of Hastings and Rye?

This afternoon the Chancellor delivered his 2016 Budget in which he backed small businesses and the next generation.

Some of the new measures announced which will benefit people and businesses in Hastings and Rye include the following: 

  • A new Lifetime ISA to help the next generation to save. For under 40s, the Government will introduce a new Lifetime ISA so young people won’t have to choose between saving for their first home or saving for their retirement. As an added bonus, for every £4 saved, the Government will give account holders an extra £1.
  • Tax cuts for small businesses. The Government will permanently double small business rate relief and increase the maximum threshold for relief from £12,000 to £15,000. 600,000 small businesses will now not pay business rates – saving almost £6,000. Also, Corporation Tax will fall to 17% from April 2020.
  • Support for the self-employed. Class 2 National Insurance will be abolished. This will provide a £130 tax cut to Britain’s 3m self-employed.
  • Tackling homelessness. £100m will be invested in ‘second stage’ accommodation to help people move on from emergency hostels and refuges.
  • Taking on childhood obesity. A new sugar levy will encourage lower sugar levels in soft drinks. The money raised will do directly to funding sport in schools.
  • Improving our schools. By 2020, every school will be on the path to becoming an academy and, all those which will benefit from the new fairer National Funding Formula will have started to see the benefits.
  • Allowing motorists to enjoy low prices at the pumps. For the sixth year in a row fuel duty will be frozen. This will save the average motorist £75 per year.

This Government is focusing on delivering the best conditions for small businesses and the best prospects for the next generation. For a full list of today’s announcements please visit: https://www.gov.uk/government/topical-events/budget-2016.