People living and working across Fareham will benefit from last week’s Budget as the Conservatives deliver on the promises made to the British people, investing in infrastructure, the NHS and public services across the region.
The plans outlined by Chancellor of the Exchequer, Rishi Sunak, will get things done and provide security for now while laying the foundation for prosperity in the future.
The Budget marks the start of record level of investment in the people’s priorities - infrastructure, the NHS and public services – to ensure the promises in the General Election in December are kept and the potential of every part of the United Kingdom, including Fareham, is unleashed.
Increases in the National Insurance threshold and the National Living Wage announced last week will mean families keep more of the money they earn, while tens of millions of pounds of investment in the region’s roads, rail, housing, broadband and flood defenses will ensure everyone can have the same chances and opportunities in life wherever they live.
Thanks to the measures taken, someone working full-time on the minimum wage in the South East will be over £5,200 better off compared to ten years ago when the Conservatives’ came into office.
Conservative MP for Fareham, Suella, said last week’s Budget proves this Government ‘will get things done’ for thousands of families across her constituency.
- Boosting local transport: We are providing £57 million from the Transforming Cities Fund for Southampton, including funding for new Rapid Bus links.
- Providing £83 million of additional funding for local road maintenance through the Potholes Fund in 2020-21.
- Allocating a share of £640 million further funding for the National Forest as part of Nature for Climate Change.
- Increasing the Employment Allowance to £4,000 (up by a third) benefitting over 500,000 businesses and allowing them to more easily take on extra staff.
- Business Rates:
- Taken together with existing Small Business Rates Relief an estimated 900,000 properties, or 45 per cent of all properties in England, will receive 100 per cent business rates relief in 2020/21.
- The Government will provide £2.2 billion of funding for Local authorities in England including Fareham to provide a £3,000 grant to around 700,000 businesses currently eligible for Small Business Rates Relief or Rural Rate Relief.
- HMRC’s ‘Time to Pay’ service: Will give businesses in Fareham the time they need to pay HMRC to support their recovery while operating through any temporary financial challenges that occur.
- British Business Bank’s Start-Up Loans programme will be extended to the end of 2021 22, supporting up to 10,000 further entrepreneurs to access finance to start a business in Fareham.
- Growth Hub Capacity: £10 million will also be invested to provide high quality, core business advice and guidance across all 38 Growth Hubs which will provide a stimulus to commerce in Fareham and the wider Solent region.
- We are cutting taxes for 4.4million people in the South East this year, including Fareham.
- Fuel Duty Freeze: Our pledge to help motorists across Fareham and the Solent.
- Additionally, there are 223,000 people in the South East having a pay rise in 2020 thanks to our increase to the National Living Wage, which will help to boost the pay of the lowest paid.
Commenting, Suella said:
“Last year’s election gave a clear verdict. Now the people’s Government is delivering a Budget which delivers on our promises to the British people – it is a Budget of a government that gets things done.
“Investment will reach record levels over the next five years, as the Conservatives commit to levelling up across the country – benefitting families and businesses in all corners of the country including Fareham.
“I am delighted that we have set out measures to support families and help them with the cost of living, while continuing to invest in Britain’s future responsibly – laying the foundations for a decade of growth and prosperity.
“This is the first Budget delivered outside of the EU for more than five decades. It sets out a clear, one nation, path for the Government to get things done.”
For further information, please contact Suella on 02072196451.