Autumn Statement is great news for London

Greg Hands M.P. has welcomed a range of measures that will help Chelsea, Fulham and the whole of London.

As part of an Autumn Statement that showed the deficit is continuing to fall, the Chancellor cut Corporation Tax by a further 1 per cent and increased spending on infrastructure to boost growth. He declared that he wanted to equip Britain for the global race.

The measures include:

Personal Allowance increase to £9,440. This change will benefit 3.2 million people in London, lifting 28,000 out of income tax altogether.

Fuel duty. Cancelling the Fuel Duty rise planned for January 2013 will help the owners of around 3 million vehicles in London, saving a typical driver £40 per year. Fuel prices will stay 10p lower than under Labour’s plans.

State pension. 1 million pensioners in London will benefit from the £2.70 per week rise in the basic state pension.

Support for small businesses. London’s 805,000 small businesses will benefit from the Small Business Rate Relief being extended for another year from April 2013. Businesses in London will also benefit from increasing the Annual Investment Allowance limit from £25,000 to £250,000 for two years, as well as £25 million per year more for UK Trade and Investment’s export support to Small and Medium Sized Enterprises.

Northern line to Battersea. The Government will allow the GLA to borrow up to £1 billion from the Public Works Loan Board, at a preferential rate, to finance the extension of the Underground and wider redevelopment of the Vauxhall, Nine Elms and Battersea area. This could create up to 16,000 new homes and 25,000 new jobs.

More money for flood defences. The national programme on flood defences is being increased by £120 million. This is in addition to £2.1 billion committed in 2010, which has seen construction started on flood defences that will improve protection for than 16,000 households in London and the South East.

Capital investment in roads. The Government will invest £150 million to tackle congestion at Junction 30 (Thurrock) on the M25, with work starting from 2015.

Science investment. The Government has announced £600 million of additional capital funding for science and technology funding. As announced in October 2012, the Government will support a variety of projects in London, including a £150 million partnership between Imperial College and Voreda to contribute to the development of a major new campus next to the White City regeneration area.

Commenting, Greg Hands M.P. said: “This is fantastic news for London. There’s an income tax cut millions of for low and middle earners, while Labour’s fuel duty increase is scrapped. Businesses will feel the benefit of the drop in corporation tax and the small business rate relief.

“Times are tough, but the economy is healing. The measures announced today will bring welcome support to families and businesses in Chelsea and Fulham.”