But the measures outlined came with a substantial sting in the tail, as Mr Osborne also announced an additional £3.5 billion of spending cuts over the next four years.
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INVERCLYDE MP Ronnie Cowan has blasted George Osborne’s track record after the Chancellor unveiled his budget in the House of Commons yesterday.
“That loss largely arises from changes in assumptions about future productivity growth”, he added.
George Osborne sought to woo small business as he set out plans for a £7bn tax cut for “our nation of shopkeepers”.
The personal tax allowance will rise in April 2017 to £11,500, while the upper band tax allowance will be raised to £45,000.
To hit that target, he would seek a further 3.5 billion pounds of savings in public spending by the 2019/20 financial year, he said.
Mr Johnson said that the underlying deterioration in the public finances could not be easily “smoothed away” by the Chancellor.
“They are facing new responsibilities and pressures, including workplace pension schemes, the national living wage, dividend taxation changes and quarterly tax reporting”.
Osborne used his annual budget statement to warn voters that leaving the bloc, which Britain joined in 1973, would usher in a period of unsafe volatility and slapped a surprise levy on sugary drinks that will help boost revenues.
“Steve Ciuffini, general manager at Incorporatewear, which has more than 300,000 people wearing its corporate clothing globally, said: “As a supplier to the United Kingdom rail industry, we welcome the announcement of new rail lines, including Crossrail 2 and HS3”.
Furthermore the slashing of capital gains tax rate and entrepreneur’s relief being extended at 10% to long term external investors who hold newly issued shares in unlisted companies from March 2016 for longer than three years further reinforces the growing appeal of small business investing.
Osborne froze tax on beer, cider and spirits like whisky but he increased it in line with inflation on wine, which accounts for 36 percent of alcohol sales in the UK.
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The money from the tax – which is estimated to be £520 million – will go towards funding sports in primary and secondary schools. You can also have a regular ISA in which you can now save up to £20,000 (up from £15,000) a year tax free.
