Budget

IN last week's budget the Chancellor was able to point to an economy that is growing faster than any advanced nation in the world including the USA, Japan and Germany.

To tumbling unemployment (with an astonishing fall in the number claiming Job Seekers Allowance of 25% over the last year). To inflation well under control. And yet there is a huge amount still to do.

The economy, while growing, still needs to become more balanced and resilient. Less reliant on consumer spending and house price inflation and driven more by business investment, personal saving and exports.

There was real help from the Chancellor in each of these areas.

On business investment a doubling of the investment allowance for new plant and machinery, the National insurance holiday for under 21s, more apprenticeships and a business rate rebate for most small businesses.

For families tax reductions especially for those on the lowest incomes.

For exporters a reduction in the interest charged on export loans.

For savers some radical and positive changes to ISAs.

And for those retiring with a defined contribution pension there will no longer be a requirement to buy an annuity but freedom to do what they wish with the money including removing it from their pension scheme with less tax to pay than previously.

This is a great step forward for many of my constituents.

I was also pleased to see help for hard-pressed motorists with a continued freeze in fuel duty meaning that it is now 20p per litre cheaper to fill up your car than it would have been under the last government.

There remains much to be done but much has also been done. Please let me know what you think of the budget and complete my latest constituency survey at http://www.melstridemp.com">www.melstridemp.com