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Changes in personal income tax allowance

Chartered accountants Blick Rothenberg produced this table to show how tax-free income thresholds will change after today's Budget.

The top row shows the amount under 65s can earn tax-free. Credit: Blick Rothenberg

Under 65s can earn their first £10,000 tax-free by the start of the 2014 tax year.

By that point, people earning over £31,865 will enter the 40% higher rate tax band.

Welcome for fuel duty freeze

The decision to cancel the fuel duty increase due in September has been welcomed by the MP for Thirsk, Malton and Filey.

This news will be welcomed by many living in Thirsk, Malton and Filey. Obviously, I am disappointed that the Chancellor has not agreed to a rural fuel duty rebate for certain areas of North Yorkshire. Measures in the budget that will help hard working families include future childcare vouchers for working parents or single parents, help with mortgages for new homes, the reduction of tax on new jobs in small companies, as well as the commitment to raise personal allowances so no-one will pay income tax for the first £10,000.

These measures show that the Government is trying to help all with aspirations who are trying to do their best for their families.

– Anne McIntosh MP for Thirsk, Malton and Filey

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MP called for beer tax cut a year ago

South Yorkshire MP and former pubs minister John Healey has also welcomed news that the price of pint is coming down. Mr Healey asked the Chancellor to do just that on Budget Day 2012, in a bid to stop pub closures and falling beer sales.

The beer-loving MP repeated his calls earlier this month in joining a campaign calling for a freeze in beer duty organised by the British Beer & Pub Association, CAMRA (Campaign for Real Ale) and SIBA (Society of Independent Brewers). He said today:

The beer and pub industry is worth millions to the local economy, and people rightly value their local as the hub of their community. I want this to be the first step the Government take towards recognising this and giving a lot more support to pubs.

– John Healey MP for Wentworth and Dearne

Delight at scrapping of beer duty

The all party Parliamentary Save the Pub Group has welcomed the scrapping of the beer duty escalator and a 1p reduction in beer duty. Greg Mulholland, the MP for Leeds North West and chair of the committee and said:

I am absolutely delighted that the Chancellor, George Osborne has today listened to the arguments against this unfair tax and brought it to an early end and reduced beer duty by 1p. This will be a boost to claims of being a pro pub Government. It has been evident to see that as a result of the reduced duty under the Small Breweries Relief we now have a thriving brewing industry, with over 1,000 breweries in the UK, the most the UK has seen for over 70 years. I_ am delighted that the chancellor has today made a vote of confidence in Britain’s breweries._

“It is also good news for pubs, as supermarkets were able to absorb the increase in the price of beer, pubs were simply not able to and this was further increasing the difference between a can in the supermarket and a pint in the pub, which is a controlled and sociable environment. So I am delighted that it has today being brought to an end.

– Greg Mulholland MP for Leeds North West
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Institute of Directors 'applauds' Chancellor's Budget

We applaud this budget. The Chancellor has stuck to his guns and held his nerve - which is exactly what we wanted to see. Deficit reduction is not an optional policy, it is an absolute necessity, and he is right to reject the siren calls to abandon it.

Businesses will be glad that George Osborne has also continued the downward pressure on Corporation Tax. Britain must become the most competitive place to do business, and lower taxes will attract welcome investment from abroad.

– Institute of Directors
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