Mr Osborne began his statement by highlighting the Government’s achievements so far: In 2014 employment reached its highest ever level, the UK’s economy grew three times faster than any in the Eurozone and Inflation fell to an all-time low. He confirmed that because of falling debt and improving borrowing, consolidation and the austerity necessary over recent years will end a year earlier than planned and spending will grow in line with economic growth in 2019-20.
The Island’s MP, Andrew Turner said:
“I am very pleased with many of the Chancellor’s announcements and they will make a positive difference for Islanders in one way or another. Working people will be better off with an increase in the minimum wage and the personal tax allowance. Businesses will benefit from a fairer tax system, an extension to business rate relief and greater funding for trade and investment initiatives. Savers will see higher returns on their savings and pensioners will have much more flexibility, even if they have already bought an annuity. Many more young people will be given help to buy their first home and everyone will benefit from another freeze in fuel duty.
“The Chancellor has also announced tougher sanctions to crack down on tax evaders and, now that the banks are returning to profitability he is increasing their contribution towards reducing the deficit.
“We all know there is more to be done, but this budget demonstrates that our long-term plan is working; people can be confident that this Government has not only got our economy back on its feet, but that its ambition for the UK to become one of the most prosperous major economies in the world by 2030 is achievable.”