In response to the 2014 budget, Mark said:
“This is an inspired budget extending choice and freedom for savers and pensioners to the benefit of all. Labour say that people cannot be trusted to look after their own money. Conservatives believe that people are better than government at deciding what it best for them and their family.
That is why we are liberating pension funds and ISAs so that the people who paid into them decide how best to use them, whether City vested interests like it or not. We can do this because the state single tier state pension starting from 2016 will provide most in the future with an assured income above the level for means tested benefits.
I welcome the increase in the tax-free personal allowance to £10,500 which will take more out of tax entirely while also benefitting those on middle incomes.
Our campaign to treat bingo players fairly paid off, while Kent Air Ambulance and potentially Rochester Cathedral are also deserving beneficiaries of the budget.”
Our goal is to build a more secure future for Britain’s families, and this budget takes us another step towards it.
- Next year, you will pay no income tax at all on the first £10,500 of your salary. This will be a tax cut for 25.4 million people across the country – making you and your family more financially secure.
- We’re helping 1.5 million savers by abolishing the 10p starting rate on income from savings, and allowing them tax-free savings income of up to £5,000. This will mean a more secure future for savers and their families.
- We are helping you save for a home, for retirement or for your family’s future. We are reforming cash ISAs and stocks & shares ISAs into a single New ISA so that you can choose to save as you want, and we are raising the annual limit to £15,000.
- We are supporting parents in work by increasing the Tax Free Childcare cap to £10,000 – meaning you could get up to £2,000 for childcare costs every year for each child.
- We are helping you save for your children’s future, by increasing the amount of money that can be put into children’s saving schemes.
- We’re helping to ensure you enjoy security and peace of mind in retirement, with the most far-reaching reform to the defined contribution pension tax system since 1921 – including removing all remaining tax restrictions on how pensioners access their defined contribution pension pots (from April 2015).
- No longer will anyone be forced to buy an annuity, there will be no punitive 55% tax rate if you take more than your tax-free lump sum and we will ensure that everyone who retires on defined contribution pensions will be offered free, impartial, face-to-face advice on how to get the most from their options.
- We are setting up a new £200 million pothole fund to help commuters and local businesses. Your council can bid for money to mend the potholes in local roads.
- We’ve taken another penny off your pint by cutting beer duty by 1p.
- We’re reducing the deficit, so we deal with our debts, safeguard our economy for the long term and keep mortgage rates low.
- Backing business to export more, invest more, and manufacture more so that Britain is a country that can pay its way in the world.
- By backing business and enterprise with better infrastructure and lower taxes, we’re helping them to create more jobs – and giving more people the security of a pay packet each month.
- We’re capping welfare so our economy delivers for hardworking people who want to play by the rules.
- We’re freezing fuel duty to help hardworking people and businesses.
This all means you and your family are more economically secure and can look forward to a brighter future with peace of mind.