The Chancellor of the Exchequer announced new infrastructure projects, tax breaks and support for small businesses as part of the Autumn Statement. Greeting the news on major infrastructure projects David Davis said:
“The Chancellor’s Autumn Statement has set out an exciting set of infrastructure projects in the Yorkshire and Humber region. As part of the National Infrastructure Plan announced earlier this week, a number of Strategic Road Network projects will be built and there will be much-needed strategic review of the scheme for flood defences on the Humber.
In addition, the new Northern and TransPennine Express Rail franchises will provide new services, modern trains and faster journeys across the North of England, shortening commute times and providing more regular services.
This much needed infrastructure spending will secure jobs, investment, and in the case of the Humber flood defences even lives throughout the region. With new roads, rail and flood defences the Humber region will be able to meet even more of its great economic potential. I will be working closely with the Government to ensure that these commitments are delivered.”
Responding to the announcement of another rise in the tax-free Personal Allowance, which will now increase to £10,600 in April, David said:
“I fully support the Government’s move to reduce the tax burden on the lowest-paid and those hard-working families who have found themselves dragged into the higher tax rate in recent years. For too long we have allowed the absurd situation where those on low pay are liable for large tax bills.
In the Yorkshire and Humber region alone this tax cut will lift 37,000 of the lowest-paid people out of income tax altogether over the next year, and 1.89 million people will get a much needed real terms boost to their take-home pay.
I also believe that it is entirely right that this increase in allowance will be passed on to higher rate taxpayers. Far too many people pay the 40% rate of tax, a tax that was designed for rich people, not the hard-working professionals it now falls on.
While the global economic climate remains unstable, and many families are having to be careful with their own budgets, this move by the Government will offer genuine assistance to families, and show that the Conservative Party is dedicated to delivering real improvements to living standards.”
David also welcomed the announcement of extended business rate relief for small businesses and new student loans for postgraduate students:
“The Chancellor and this Government have long been doughty defenders of small businesses, as they have demonstrated by extending business rate relief for another year and increasing rate relief for high street shops and cafes. Lower business rates means more money being put into the businesses themselves and with that the potential for new jobs.
The increases in research and development tax credit for small and medium enterprises are an excellent measure which will encourage innovation. With the potential for new engineering and technology jobs in the supply chain for Green Port Hull this is good news for the constituency.
The commitment to abolish employer’s national insurance contributions for apprentices will encourage more businesses to give young people a chance to learn a trade and build a career for themselves. This and the announcement that postgraduate students will have access to loans up to £10,000 show that the government is committed to helping young people attain the skills and training they need to prosper.”