In response to today’s Budget by the Chancellor of the Exchequer, Rt Hon David Davis said:
“I welcome the announcements in the Chancellor’s budget today that will help businesses and enable pensioners to take control of their pensions.
Today’s Budget will help businesses in my constituency to grow through the doubling of the annual investment allowance and the measures to reduce businesses’ energy costs. The £7bn package to cut manufacturing energy bills will create jobs and offer support to this vital sector.
The Budget will also help pensioners, who have been hit hard by low annuity rates, by abolishing the current drawdown rules and increasing flexibility.
I have long campaigned to abolish drawdown restrictions. These punitive measures resulted in a loss of income for tens of thousands of people who saved hard for their retirement. I am pleased that the Chancellor has given power back to the individual to make the right choices for their retirement. We have all made sacrifices during the recession, savers in particular.
I am pleased to see that the Chancellor, in a measured Budget has enabled those with pensions or with ISAs to benefit a little more from their prudence.”