This is a budget for growth, particularly on Merseyside. Cuts in corporation tax, tax breaks for small businesses and increased research and development tax credits will all boost our region’s enterprise culture and increase job opportunities for young people. This is about building up our businesses and boosting manufacturing,. The extension in the Northern Hub rail network will also improve journey times and easier access to and from Liverpool. It is also a fair Budget. The working poor will pay less tax – and by next year two million will be taken out of tax altogether, while the rich will pay more, including five times the stamp duty on properties worth over £2 million. The banking levy to will be increased ensuring the banks are paying their way.
- Personal Allowance increase to £9,205. This change will lift an additional 95,000 people in the North West out of income tax and will be a tax cut for 2.5 million individuals. This Government will have lifted a total of 230,000 people in the North West out of income tax altogether.
- Withdrawal of Child Benefit above income of £50,000. This decision will benefit 63,000 households in the North West.
- Stamp Duty Land Tax of 7 per cent on homes over £2 million. In 2010-11, 2 per cent of property transactions over £2 million took place in North West.
- Growing Places Fund. Local Enterprise Partnerships (LEPs) in the North West will receive a further £31.1 million:
- £2.2 million for Cumbria LEP
- £6.3 million for Lancashire LEP
- £12.1 million for Greater Manchester LEP
- £6.3 million for Liverpool City Region LEP
- £4.3 million for Cheshire and Warrington LEP
This takes the total Growing Places Fund allocation for the North West up to £95 million.
- Mobile Infrastructure Fund. In the North West this will benefit the A57 between Liverpool and Manchester and the A591 between Keswick and Sizergh.
- Northern Hub rail investment. The Government will support Network Rail to invest a further £130 million in the Northern Hub rail scheme, subject to value for money. Line speed improvements are expected to be completed by end 2016. Capacity will double on the Hope Valley line between Manchester and Sheffield, with two more fast trains running per hour (expected by end 2018).
- ‘City Deals’. The Deputy Prime Minister and Greg Clark are negotiating ‘City Deals’ with the eight largest cities in England outside London to decentralise powers and radically change the way these cities are governed. The Government has agreed to provide funding of up to £30 million, starting in 2015-16, to unlock £1.2 billion of infrastructure investment in Greater Manchester through a new investment model called the ‘Earn Back’ Model. A deal for Liverpool has already been announced.
- Get Britain Building. The Government will invest over £103 million in the North West through the Get Britain Building Fund, delivering over 2,500 homes. This will also support over 5,000 jobs in construction and related sectors locally