Wednesday, 21 March 2012

The budget is good news for Yorkshire and the Humber

Today, the Coalition government announced the budget, which contained good news for the Yorkshire and Humber region, the most relevant being:

  • Increase in the personal tax allowance - people on typical Yorkshire and Humber incomes will see their personal tax allowance increase to £9,205 next year. This will take 74,000 in our region out of income tax altogether and provide a tax cut for a further 1.8 million. This is good news for ordinary working people* and goes a long way towards achieving the Liberal Democrat key manifesto commitment of a £10,000 personal tax allowance. 
  • Investment in transport infrastructure - Yorkshire and the Humber will benefit from the £130 million to be invested in the Northern Hub rail scheme, which will improve rail links between major cities in the North of England.

  • Investment to stimulate growth and jobs - a further £23.7 million has been allocated to local enterprise partnerships in the region. Good news for economic development : )

  •  Improving broadband - Leeds and Bradford will become "super-connected cities" and as such will benefit from investment of £14.6 million to develop ultra fast broadband.

For more information, please see the Liberal Democrat website.

* Higher rate (40%) taxpayers get smaller increases in their tax free allowance and those earning over £100k get no tax free allowance.

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