Budget 2017: Keeping our economy strong and preparing for our future outside the EU

Rt Hon David Evennett, MP for Bexleyheath and Crayford, has welcomed the Budget Statement delivered earlier today (8 March) by the Chancellor of the Exchequer, Rt Hon Philip Hammond MP. Mr Evennett was present in the House of Commons as the Chancellor gave his speech.

The Chancellor announced that the economy is forecast to grow by 2% in 2017 (up from 1.4% forecast in November 2016), real wages have grown for 27 straight months and are forecast to rise in every year to 2020/21, and the deficit is set to fall to 0.7% in 2020/21 – the lowest in over two decades.

The measures announced in the Budget include:

  • The National Living Wage will increase to £7.50 in April – an income boost of over £500 for a full time worker this year.
  • The personal allowance will rise for the seventh year in a row, benefitting 29million people and meaning a typical basic rate taxpayer will pay a full £1,000 less income tax than in 2010. The higher rate threshold will also rise to £45,000.
  • Additional grant funding of £2billion to social care in England over the next three years. There will also be a further £100million available immediately for up to 100 new triage projects at A&E in English hospitals in time for next winter.
  • Funding for a further 110 new free schools, on top of the current commitment of 500. This is alongside an additional £216million over the next three years to look after our existing schools.

Mr Evennett commented: “this Budget helps ordinary working families with the cost of living, supports the NHS and our elderly by providing substantial funding for the social care system, and ensures young people can get the skills they need to do the high-paid, high-skilled jobs of the future.”

“The Budget also redoubles our commitment to a strong economy, laying the foundations of a stronger, fairer, more highly-skilled global Britain outside the EU – a country that works for everyone.”