Burnley and Padiham’s MP Antony Higginbotham has welcomed the push for economic growth in the budget. The plan includes delivering a tax cut for business worth £25 billion over three years, rewarding businesses for every single pound they invest in the UK.
Commenting Antony said:
It’s so important that we incentivise our local businesses to grow and create jobs. Because I’ve always been clear that more high paying, high skilled jobs are what we need in Burnley and Padiham for our borough to really thrive.
And that’s exactly what that the Chancellor set out in his Spring budget. Introducing full capital expensing may seem like a technicality to most people but it’s a major boost for those businesses in our borough that have the skills and knowledge to grow and create opportunities for work.
This is about turbo charging investment through lower taxation, and rewarding those companies who push for growth. It also simplifies the tax system for small and medium sized businesses who should be left to focusing on their priorities, like growing their business.
The Budget confirmed full-expensing which offers 100 per cent first-year relief on new qualifying investments in main rate plant and machinery from the 1 April 2023 until 31 March 2026. For every pound a company invests, their taxes are cut by up to 25 pence – this puts £25 billion back into the economy over the next three years.
It will mean the UK has the lowest headline rate of Corporation Tax in the G7 and the most generous capital allowances in the OECD.
These measures build on the already extensive support in place for businesses, ensuring they are free to invest in their priorities and ultimately support economic growth.
Commenting, Chancellor of the Exchequer Jeremy Hunt said:
We are working hard to deliver on our priorities to halve inflation, grow the economy and reduce debt so we build a stronger and more innovative economy that will guarantee a better future for the next generation.
This Budget tackles the two biggest issues the UK economy must overcome to grow – getting investment into our economy and filling one million job vacancies.
It does this by delivering the four pillars – Enterprise, Employment, Education and Everywhere.
