MP Mark Spencer says a tax cut in yesterday’s budget will help Sherwood residents feel more financially secure.
Mr Spencer says that from April 2015 the personal allowance will rise to £10,500, “cutting taxes for 25 million people and taking another 290,000 people out of paying income tax altogether”.
The Conservative Party says that in the Sherwood constituency, almost 37,000 people will benefit from the change, with a reduction in their income tax and more pay to take home.
Rises in the personal allowance since 2010 mean that by April next year a typical basic rate taxpayer will be paying £805 less in tax than they would have been, with 3.2 million people taken out of income tax altogether.
And the party says that along with this tax reduction, the government will set a national cap on welfare spending, help reduce energy costs to businesses and households, freeze petrol duty and provide support for childcare for working families up to £2000.
He told the Dispatch: “ ‘This tax cut is excellent news for hardworking people all across Sherwood.
“It will mean lower taxes for around 37,000 people here at home, with around 500 of the lowest earning tax payers in Sherwood taken out of income tax altogether.
“That means thousands of people in our community keeping more of the money they’ve worked hard to earn, giving them and their families more financial security for the future.”
Mr Spencer added that the economic forecast had been upgraded to 2.7 per cent, “much higher than initially expected”.
Léonie Mathers, Parliamentary Candidate for Sherwood, said:
“Listening to people has confirmed what we all know, that people here are really struggling with rising costs and flat wages and once again, it’s communities like ours which are paying the price. Frankly, unless you’re a banker or a millionaire this Government is not interested in making life easier for you.
“This Government needs to start listening to people and take some action on jobs, on wages and on the cost of living – backing our call to freeze energy bills would be a great start.”
Away from politics, the budget was welcomed by Chris Hobson, Head of Representation at the Chamber of Commerce for Derbyshire, Nottinghamshire and Leicestershire.
He said: “There were some encouraging measures in the budget, which business will take heart from.
“What we need now is to see these policies - and those made in previous announcements - having a meaningful impact on the ground.
“An emphasis needs to be placed on the UK being a place where we make, build and sell to others. The first indications that this is happening will come from the East Midlands – the spine of the UK’s manufacturing and engineering industry.
“As we look to secure the economic progress to date – which has been hard won by businesses operating in difficult times – we welcome those initiatives which look to support increased investment and reduce the cost of doing business.”