This week Rebecca Pow, the Member of Parliament for Taunton Deane, spoke in the Finance Bill praising the Government for their long-term financial planning and previous success in this area. The Bill brings with it the specific tools the Government needs to carry on with their excellent work restoring the public finances to keep the economy soundly on track.
Key measures in the Bill include increasing the personal tax allowance to £11,500 and reducing cooperation tax. The changes to income tax mean the amount someone can earn tax-free in 2017-18 will be over 75% higher than in 2010. With a typical base rate taxpayer in Taunton Deane now paying over £1000 less income tax than they did in 2010-2011. Corporation tax has now been cut to 19% and will be reduced further to 17% in 2020, incentivising businesses and generating more revenue that can be put back into our vital public services. “It is clear” said Rebecca “keeping cooperation tax low generates more tax revenue”.
During her speech Rebecca went onto explain how the South West was beginning to see the benefits of having a strong and stable economy, with more money being committed to Taunton Deane than ever seen before. Thanks to a sound economy in the last few weeks central Government funding has been allocated for a smart motorway and upgrade of Junction 25 of the M5 (£11 million), expansion of the Toneway/Creech Castle junction (£6million) and the transformation of Taunton Rail Station (£4.6million).
Rebecca said:
‘The measures contained in this Bill demonstrate that this Government have a focused understanding of what is needed to run the country, keeping it on a firm financial footing whilst enabling business to grow and thrive.
I felt it was important to speak in this debate to highlight how the Governments plan which is getting our economy back on track has had a direct impact on the prosperity of Taunton Deane. Since my election we have seen record levels of investment in vital infrastructure projects, the likes of which were not seen during the Lib Dem predominance in the South West when the area was severely neglected. I’m pleased to say that business in Somerset is thriving and unemployment has never been so low. Yet again the Conservative Party are proving themselves to be the only party capable of handling our economy whilst supporting businesses and hard working families along the way. Of course a sound economy is crucial for funding all societies other demands, not just publics services but a healthy and sustainably environment, essential for the future’