Wednesday, 5 December 2012

What the Autumn Statement means for the North East

Income Tax:
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.

State pension:
519,000 pensioners in the North East will benefit from another rise in the basic state pension.

Fuel duty:
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.

Small businesses:
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.