The Conservative Government’s Chancellor of the Exchequer, Rt Hon Jeremy Hunt MP, announced a number of key measures in his Budget today. These will support workers, families, pensioners and businesses right across Lincoln, Skellingthorpe, Bracebridge Heath and Waddington East. All have been greatly welcomed by Lincoln MP, Karl.
Lincoln’s workers can find out how much the cut in national insurance benefits them via this online tax calculator: https://taxcuts.conservatives.com
These measures include:
- CUTTING NATIONAL INSURANCE FOR LINCOLN’S WORKERS BY 2p: Cutting national insurance for Lincoln’s workers is a huge boost and applies to those who are self-employed too. It is vital taxes on working are as low as possible so people can spend more of what they have earned. This is brilliant news.
- A Lincoln shop worker on £21,058 will be better off by £340.
- A self-employed Lincoln plumber on £34,361 will be better off by £846.
- BOOSTING THE NATIONAL LIVING WAGE TO RECORD LEVELS: From 1st April, the national living wage will increase to £11.44 an hour - a 9.8% per cent increase which will benefit so many of Lincoln’s workers.
- SUPPORTING LINCOLN’S PENSIONERS: The Conservatives are boosting pensions, in line with our Triple Lock, by 8.5%, ensuring dignity in older age for those who have worked their entire lives. We will uprate the basic state pension, the new state pension and pension credit standard minimum guarantee by 8.5% in April 2024.
- FREEZING FUEL DUTY FOR LINCOLN’S DRIVERS: For the 14th year in a row, the Conservatives are freezing the duty rates drivers have to pay at the pump. The last Labour Government cruelly introduced a scheme that continually raised fuel duty after they had run out of money once again. They needed to try and fleece those who had the nerve to want to own a car or van – hitting local Lincoln drivers and businesses. The Conservatives have never supported this.
- REDUCING INFLATION TO SUPPORT LINCOLN’S FAMILIES AND PENSIONERS: High inflation is hugely damaging and hugely affects everyone’s costs of living. We have reduced it from 11% to 4% and independent forecasters say it will be just 2% by the summer. A Conservative Government delivering what it said it would.
- FREEZING ALCOHOL DUTY TO SUPPORT OUR LOCAL PUBS ACROSS THE CITY: Our local pubs play such a vital role in our community bringing people together and employing so many people.#
- MORE SUPPORT FOR LINCOLN’S NHS: The Government announced welcome plans to boost the numbers of people it supports by freeing up clinicians’ time to focus on patients and cut wait times – especially at Lincoln County Hospital.
- MORE SUPPORT FOR LINCOLN’S SMALL BUSINESSES: The Government is increasing the VAT registration threshold for small businesses for the first time since 2017, raising it from £85,000 to £90,000. This will be a real benefit to many of Lincoln’s small businesses.
- SAVING FOR BRITAIN: The Government is launching a new UK Individual Savings Account (ISA), with a £5,000 allowance, to promote investment in UK assets and funds. It creates a tax-free investment opportunity for savers to invest specifically in UK assets.
Lincoln’s MP, Karl, who always Puts Lincoln First, said: “Today's Budget has shown once again that only the Conservatives are on the side of Lincoln’s workers, families, pensioners and businesses. We are cutting taxes for workers, driving down the cost of living and supporting firms.
“We are able to do this because we are successfully managing the economy with falling inflation, a forecast growth in the economy and cutting taxes.
“Starmer and his Lincoln Labour cheerleaders would wreck the economy and local jobs in Lincoln. Their actions in closing Lincoln’s Christmas Market which has damaged local businesses, jobs and charities, shows they have no clue. They would put up taxes like they always do, lose control of inflation that eats into everyone’s income and fails businesses, large and small. That is ‘Situation Normal’ for Labour.”
