The chancellor writes on today's budget

George Osborne writes:
"My budget today supports everyone who wants to work hard and get on.
In a tough economic situation, the British people know there are no easy answers or short cuts. But we are succeeding, slowly but surely, in fixing those problems.
bulletWe've now cut Labour's record deficit by not just by a quarter,
 - but by a third.
bulletWe've helped create 1.25 million new private sector jobs.
bulletInterest rates remain at record lows.
This government inherited the largest deficit of any major economy. Labour's plans to borrow even more would take us backwards. Instead, by making savings from bureaucracy, from the benefits bill, and by ensuring that the better off play their part, we are able to do more to boost jobs and help families.
To compete in the global race
bulletWe're creating a new Employment Allowance to help small firms
take on more staff. By taking £2,000 off the employer national
insurance bill of every company, we will take around 450,000 small
businesses out of paying any jobs tax at all - that's one third of all
employers. While Labour proposed putting a tax on jobs, we're taking
tax off jobs.
bulletCutting corporation tax to 20 per cent from April 2015, giving us the
most competitive rate in the G20. And we are abolishing stamp duty on
shares traded on growth markets such as AIM, which will support growth
and jobs across the UK.
bulletImproving infrastructure by boosting capital investment by
£15 billion over the rest of this decade. Public investment will now be
higher on average as a percentage of our national income under our
plans than it was in the whole period of the last Government.
To support aspiration and help people who want to work and get on
bulletThe personal tax allowance will be increased to £10,000 next year.
Families will pay over £700 less in income tax than when this government
came to office. 24 million people will pay less tax.
bulletWe're introducing Tax Free Childcare. We're giving people 20% off,
equivalent to the basic rate of tax, on the first £6,000 of their childcare
costs for each child.
bulletIntroducing Help to Buy. We're supporting people who want their own
home, but can't afford the increased deposits that lenders now require.
We're using the Government's fiscal credibility to support a Mortgage
Guarantee to help lenders offer mortgages to people with a deposit of
between 5 per cent and 20 per cent. This should dramatically increase
their availability.
bulletCancelling the September fuel duty increase altogether. Pump prices
will be 13 pence per litre lower than if we had not acted over these last
three years to freeze fuel duty.
bulletWe're taking a penny off the price of a pint of beer. This will save
drinkers 4 pence a pint compared to the last government's plans.
I believe the way to restore our economic prosperity is to energise the aspirations of the British people.
For years people have felt that the whole system was tilted against those who did the right thing: who worked, who saved, who aspired.
But these are very people we need to support if Britain is to have a future.
So this is a Budget for people who work hard and want to get on.
It is a Budget for a Britain that wants to be prosperous, solvent and free.
Yours sincerely,
George Osborne signature
George Osborne
Chancellor of the Exchequer"       


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