MP for East Worthing and Shoreham, Tim Loughton, has warmly welcomed the Chancellor’s Autumn Statement which was announced on Thursday. The speech outlined a number of schemes and tax cuts that will help hard working people save money and provide opportunities for businesses to flourish.
Tim said:
‘I was delighted to hear about the many ways the Government is helping hard working people in the Chancellor’s statement on Thursday. Not only have growth forecasts been raised significantly but employment is up whilst we continue to make progress on cutting the deficit. I was particularly pleased to hear the Chancellor announce a number of other measures that I will know will have a positive effect on my constituents. ‘
The Government is helping residents of Worthing and Shoreham by:
- Freezing rail fares by limiting the cap on average regulated rail fare increases to RPI from 2014- which will help the many commuters in Worthing and Shoreham.
- Helping local pubs, shops and restaurants with a business rates discount of up to £1,000 for retail properties. This will help the high street, protecting jobs and supporting the community - and is part of wider action on business rates to support local businesses. Bringing shops back into use will really help the Lancing regeneration project in particular. Tim was recently lobbied at a chamber of commerce breakfast on the need to freeze business rates, which continue to be a large part of retail business costs in particular. However, Adur and Worthing Councils have frozen council tax again.
- Cancelling Labour’s planned hike in fuel duty next year, petrol will be 20p per litre cheaper – saving £11 every time you fill up your car
- Abolishing the jobs tax for employers on everyone under the age of 21 – making it easier for businesses to take on young people. This will particularly help young people in Worthing and Shoreham who are not in employment, education or training find jobs.
- Cutting income tax for 25 million people – meaning the typical taxpayer has already saved £590 a year