BUDGET: St Austell and Newquay MP Steve Gilbert backs big decisions
St Austell and Newquay MP has welcomed today's budget, which he claims will help "build a strong economy and fairer society".
He singled out the decision to raise the income tax threshold to £10,000 from next April, and to help first time buyers onto the property ladder.
The decision will lift millions of the lowest earners out of income tax and cut the tax bill by £700 for a typical worker, he said.
He also praised the new housing scheme, Help to Buy, which will help first time buyers through a government-backed equity loan worth up to 20% of the house value, repayable when the home is sold, and by creating a mortgage guarantee for lenders offering mortgages to people with a 5% deposit.
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He said: "This £700 tax cut for ordinary working people is a direct result of the Liberal Democrat's delivering on our promise in the 2010 election. I am proud that my party is working in Government to build a stronger economy and a fairer society.
"New measures to help people onto the housing ladder will directly benefit many families in Cornwall who currently struggle to save the money for a deposit, while battling with soaring house prices.
"Home ownership should be a reachable aspiration for local families and this measure will go a long way to help those who want to get on the housing ladder."
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