How Orpington Will Benefit From Budget 2020
Orpington and the surrounding villages are set to benefit from the Government’s 2020 Budget which will help hard-working families, boost businesses, and tackle the coronavirus.
Here are the top ten ways Orpington will benefit from the Budget:
1) Coronavirus Response - The Government has committed to doing everything it can to ease the impact of coronavirus. The Budget outlines a £30 billion package to boost the economy and get the country through the virus outbreak, with at least £5 billion for the NHS and £7 billion for business and workers.
2) National Insurance Tax Cut - The National Insurance threshold will rise from £8,632 to £9,500, saving the typical employee over £100. That’s a tax cut for 31 million people.
3) Business Rates Abolished For Small Firms - To help ease the impact of the coronavirus business rates in England will be abolished for firms in the retail, leisure and hospitality sectors with a rateable value below £51,000. A tax cut worth over £1 billion, saving each business up to £25,000.
4) Greater Broadband Investment - £5 billion has been committed to getting gigabit-capable broadband into the hardest-to-reach places.
5) National Living Wage - Those aged 25 and over will get the National Living Wage of £8.72 an hour, a rise of 6.2%, with younger workers also getting more.
6) Fuel Duty Frozen - For the 10th consecutive year, the Government will freeze fuel duty, saving people £1,200 compared to pre-2010 plans.
7) Saving British Pubs - The Government has cancelled plans to increase beer duty and frozen duties for cider and wine drinkers as well. Orpington’s pubs will also see their business rate discounts rise from £1,000 to £5,000 this year.
8) Fixing Potholes - £2.5 billion will be made available to fix potholes and resurface roads over five years.
9) High Street Business Rates - The Chancellor has committed to reviewing business rates for the High Street later this year. A welcome step towards a fairer system which could boost Orpington town centre.
10) Nature for Climate Fund - Over the next five years, the Government will plant 30,000 hectares of trees - that’s a forest larger than Birmingham - with its new £640 million Nature for Climate Fund.
Gareth Bacon, MP for Orpington, welcomed the budget saying: “The measures unveiled by the Chancellor today will help working families across the Orpington constituency. It will cut the cost of living, reduce your tax bill, fix our potholes, and boost broadband in the area.
“I know many people are anxious about the potential spread of the coronavirus. Today’s Budget ensures that the NHS will have the resources it needs to combat the virus, will ease the impact on businesses, and extend sick pay to help workers. This Budget will keep Orpington, and the country, healthy and financially secure through the turbulent time ahead."