What the Budget means for Hackney

The Chancellor was right to be in celebratory mood as he published the last Budget of this Parliament. The economic news is good – and Hackney is sharing in it.

There are more people in work than ever before. The latest employment figures released on the same day as the Budget show that unemployment has fallen by 45% in Hackney North since a Conservative-led government took office.

The Office of Budget Responsibility says that the deficit will be down to 5% of GDP this year – down from 10.2% when Labour were last in power in 2010. Britain grew faster than any other major advanced economy last year. Household disposable income is rising. We must let this plan continue to work. 

Here’s how people in Hackney will continue to benefit if we elect a Conservative government:

·      From next month, no one will pay income tax until they’re earning £10,600 a year – and that will go up to £10,800 next year and £11,000 the year after, helping the lowest paid keep more of their wages.

·      A new Help to Buy ISA – if you save up to £12,000 towards a deposit on your first home, the government will top that up by £3,000.

·      From 2016, 95% of people will pay no tax on their savings as you’ll be able to earn up to £1,000 in interest on your savings tax free.

·      The annual tax return will be replaced with digital tax accounts which can be updated in real time - a real help for Hackney’s many self-employed and freelance workers.

·      Tax avoidance and tax evasion will continue to be tackled, including through a diverted profits tax to stop multinational companies moving money made in the UK abroad to avoid paying tax on it here.

I talk to hundreds of people every week who say that they are beginning to feel the benefits of a more stable economy. They don’t want to see their increasing job security and household income threatened by a spendthrift Labour government. That’s one good reason to vote Gray this May.