Andrew George MP has welcomed today’s Budget announcement that the tax threshold is to be raised to £10,000, a key Liberal Democrat pledge in its 2010 manifesto.
The Chancellor also committed the Government to offering additional investment in mortgage support especially for the shared ownership sector; an initiative which Mr George has proposed to Housing Ministers in recent months.
Mr George said: “We have always believed that the priority should be cutting taxes for working people and lifting the poorest out of paying Income Tax altogether. This was our top priority at the General Election and I am delighted that the threshold has now been raised to £10,000.
“The way to meet the housing need of families desperate for their first home is to construct a new lower rung on the housing ladder. The Government’s proposed mortgage deposit guarantee will give greater confidence to mortgage investors and to families taking their first step into home ownership.
“Raising the threshold will give a tax cut to those who need it the most in these difficult times and the housing investment will help kick start the housing market for those in greatest need.
“This helps to demonstrate the Party’s commitment to building a stronger economy in a fairer society enabling every person in life to get on.”
The Chancellor has announced that moves towards a tax free allowance of £10,000 will be brought forward a year to 2014. It will save more than 20 million low and middle earners around £700 a year.
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