Mike Penning has welcomed measures announced in the Budget to encourage savers and reduce taxes for all working people.
Mike Penning said: “Our long-term economic plan is working for Hemel Hempstead.
“With record low levels of unemployment, more local people will be able to benefit from the increased tax free allowances meaning every working person will take more of their salary home each month. The tax-free personal allowance will rise from £10,600 in 2015-6 to £10,800 in 2016-7 and £11,000 in 2017-8 – a big increase on the £6,475 allowance in 2010.
“Savers will welcome the new Personal Savings Allowance, which will abolish tax on savings for 17 million people and the Help to Buy ISA will encourage yet more people to save for their own house with a Government top-up of £50 for every £200 saved.
“This Budget is another step on the road from austerity to prosperity. It is clearer now than ever that it is in Hemel Hempstead’s best interests to continue with the long term economic plan.”