DELIVERING a Budget is always tough. The whole county is looking closing to work out what the Budget announcements mean for them, their family and their business. This Budget has been one of the most important for some time. The Chancellor has the difficult task of steering our country’s economy through the ongoing pandemic, whilst focusing on recovery and our levelling up agenda. Levelling up for me is all about rebalancing our economies. Ensuring that places like Keighley, Ilkley, Silsden, the Worth Valley and our many smaller communities all have the opportunities available to enhance and thrive. Of course, over the past 12 months focus has been directly on supporting many hard-working businesses, so that once we are out of restrictions, our local economy has the very best chance of bouncing back.
Here are 11 key themes which emerged.
1. Cushioning petrol duty hikes
As part of measures to shift towards a greener and sustainable Singapore for all generations, petrol duty rates will be raised by 15 cents per litre for premium petrol and 10 cents per litre for intermediate petrol.
The Government will set aside $113 million to provide rebates for petrol and petrol-hybrid vehicles, to ease the transition following the hike.
There will be a 15 per cent road tax rebate for owners of private cars for one year, and a 60 per cent rebate for those owning motorcycles. Owners of commercial vehicles will get a 100 per cent tax rebate for a year.
Live as Rishi Sunak leads national briefing from Downing Street
The Chancellor used his Budget to set out a £65 billion spending package this year
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The briefing comes hours after Mr Sunak announced his Budget for the next year.
Mr Sunak set out plans to freeze income tax thresholds and increase corporation tax as he began the process of repairing the nation’s finances following the coronavirus crisis.
The Chancellor used his Budget to set out a £65 billion spending package this year and next year to support the economy as it recovers from the pandemic.
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