Antony Higgibotham MP has welcomed the Conservative Government’s Budget which cuts taxes for businesses in Burnley and Padiham, strengthening the economy and building a brighter future across the country.
By sticking to the plan, and more than halving inflation from 11.1. per cent to 4.0 per cent, the Conservatives delivered a permanent £11 billion a year tax cut for businesses at the Autumn Statement 2023 and supported millions of businesses with the cost of their business rates.
At the Budget the Conservatives have gone further to support businesses by raising the VAT threshold for small businesses, freezing alcohol duty, and cutting National Insurance contributions for the self-employed.
By raising the VAT threshold, 28,000 small businesses, including in Burnley and Padiham will be taken out of paying the tax. This will allow them to focus on their priorities and grow their business.
The freeze to alcohol duty will support the hospitality industry by ensuring the price of a pint and the average bottle of wine is lower, supporting up to 8,975 hospitality venues across the North West.
Alongside a National Insurance tax cut 27 million working people, the Conservatives have also announced a cut to the rate of National Insurance for the self-employed. Taken with the tax cut announced at the Autumn Statement 2023, this is a tax cut of £650 for an average self-employed person on £28,000.
This Budget builds on the Conservatives work to deliver a brighter future for Britain, with long-term economic security and opportunity: where hard work is always rewarded; where ambition and aspiration are celebrated; where young people get the skills they need to succeed in life; where families are supported, where those who have worked hard all their lives have the dignity they deserve in retirement; and, with security at home and abroad.
