The Chancellor has delivered his Budget for 2024.
The Conservative Government’s Budget sticks to the plan to build a stronger economy and back business across the South West.
Highlights for the South West include:
- Cutting National Insurance Contributions for 2.4 million workers in the South West by over £655 a year, encouraging hard work by cutting taxes to grow the economy.
- Freezing alcohol duty to support over 8,000 hospitality venues in the South West, backing the local economy and driving costs down for businesses.
- Freezing fuel duty supporting drivers in the South West, delivering the fourteenth consecutive fuel duty freeze under the Conservatives, helping to save motorists money at the pump.
- Taking thousands of businesses out of paying VAT by increasing the VAT threshold for small businesses, creating jobs and growing the economy.
- Supporting more parents across the South West by increasing the High Income Child Benefit Charge threshold and introducing a taper rate, supporting almost half a million families across the country with the cost of raising a child.
- Finalising a Level 2 devolution deal for Somerset, spreading more power out of Westminster and into the hands of local leaders across the South West.
- Backing the Plymouth and South Devon Freeport, extending the window to claim the tax reliefs at freeport sites from five to ten years, attracting more investment to create new jobs and grow the economy.
Read more here.
