Sharma welcomes comprehensive Summer Budget

Alok Sharma, the Member of Parliament for Reading West, has welcomed the Summer Budget delivered today by Chancellor George Osborne, which will cut taxes for 50,312 working people in Reading West constituency and lift more than 850 people out of paying any income tax at all.

Some of the measures announced today include:

  • An increase in the personal allowance to £11,000 in April 2016
  • An inflation-busting increase in the 40p tax rate threshold from £42,385 to £43,000 in April 2016
  • Fuel duty freeze to continue this year
  • The effective increase of the Inheritance Tax threshold for couples to £1million so you can pass on your family home to your children
  • Corporation Tax cut to 18% by 2020
  • Introduction of a mandatory National Living Wage to be £9 per hour by 2020
  • Increase in the Employment Allowance for businesses to £3,000

Alok Sharma said: “This is an extremely comprehensive Budget which demonstrates our commitment to delivering our manifesto promises and can be seen as the beginning of the end for Britain’s high tax, high welfare and low wage economy. I particularly welcome the increase in the personal allowance and the introduction of the mandatory National Living Wage which will put more money into the pockets of my hard working and aspirational constituents.”

Alok continued: “Businesses will also welcome the further cuts in Corporation Tax and National Insurance, which will help continue to boost business confidence and further reduce unemployment, which is already at record lows in my Reading West constituency. The Government’s long term economic plan is working for Reading West.”