Earlier today, the Chancellor of the Exchequer, Jeremy Hunt MP, delivered his Spring Budget to the House of Commons.
Nickie Aiken, Member of Parliament for the Cities of London & Westminster, was sat in the Commons listening to what the Chancellor had to announce and welcomed the Budget, which outlined plans to increase investment, grow jobs, protect public services, and cut taxes.
The Chancellor announced a further 2% tax cut for National Insurance Contributions. After the 2% tax cut which came into effect in January, the average worker will now save £900 a year.
The Furnished Holiday Letting Scheme was abolished, closing a tax loophole previously open to short-term let, Airbnb-style, landlords.
There was also increased support for small businesses, with the VAT registration threshold increased from £85,000 to £90,000, keeping costs low for businesses and allowing them to focus on their priorities like taking on new staff to help grow the economy.
The Recovery Loan Scheme, a government-backed loan scheme designed to support access to finance for UK businesses, was also extended and will transition into the Growth Guarantee Scheme, supporting businesses in the Two Cities to access the finance they need to make investments and grow.
Half a million families will be supported by raising the threshold of the High Income Child Benefit Charge, benefiting some parents by an average of £1,260. By April 2026 the Government will also end the unfairness for single-earner families.
Support and reform for the NHS with £2.45 billion for next year and a new £3.4 billion productivity plan, saving money, freeing up clinicians’ time to focus on patients, and cutting wait times.
The Chancellor also announced £1 billion of support for our creative industries. This will massively help theatres and orchestras across the Two Cities, and ensure our cultural sector can continue to thrive.
Building on The Mansion House and Edinburgh Reforms for the City, further steps were taken to unlock even more potential in the City of London, allowing investment to drive into our high-growth sectors, such as technology, data, and healthcare.
