Wednesday, 5 December 2012
What the Autumn Statement means for the North East
The Personal Allowance increase to £9,440. This change will benefit 961,000 people in the North East, lifting an additional 10,000 people in the North East out of income tax altogether.
519,000 pensioners in the North East will benefit from another rise in the basic state pension.
Cancelling the Fuel Duty rise planned for January 2013 will help the owners of the 1.27 million vehicles in the North East, saving a typical driver £40 per year. Fuel prices will stay 10p lower than under Labour’s plans.
The Government will invest £64 million to upgrade the A1 to motorway standard at Lobley Hill, Gateshead and consdier further upgrades north of Newcastle.
The North East’s 133,000 small businesses will benefit from the Small Business Rate Relief being extended for another year from April 2013. Businesses in the North East 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.
Posted by Admin01 at 16:03