In his first budget as Chancellor, George Osborne has set out a tough but fair package to help secure Britain’s economy recovery. The Chancellor called it an “unavoidable budget that must pay for the pastand plan for the future”.

Jeremy commented:

“The aim of the Chancellor’s budget is to get the country working and re-open Britain for business. I believe that it will bring jobs to Stafford with the extra support to regions outside of London and the South East.”

He added:

“In this honest and open statement to the country, the Chancellor has laid out how he will cut Labour’s jobs tax and encourage private sector growth and employment. He has mapped out the painful but necessary decisions that will come on public spending.

“We will help people to start new businesses and take on new employees, with a £5,000 exemption on National Insurance contributions for each of the first 10 employees hired.

“In addition, this budget will free 880,000 people from income tax."

Recognising that this country is over-spent not over-taxed, the debt reduction will be split more than 3-1 in favour of spending cuts. Jeremy also welcomed the measures to bring down the deficit, saving taxpayers £3bn in debt interest payments:

“No Government likes to increase taxes or reduce spending. Sadly this Government was left with no choice. I support the decision to take the tough decisions now to allow everyone to benefit in the long term.

“It is right that those who can afford it pay the most, and right that we have announced new taxes on the banks in recognition of the severe problems they have caused.

“We have recognised that we are all in this together. Everyone has to pay a fair share, which is why we have taken the tough decisions on VAT and welfare. But in doing this, we have supported those on the lowest incomes by giving extra support in child tax credits and income tax cuts, and restoring the earnings link for pensions.

“We have asked everyone to contribute, so that everyone can benefit. This is a important budget for the country.”