I would like to welcome several measures brought forward in the budget, which recognised the need to deal with our debts whilst investing to build a strong economy as we make our way in the world outside the European Union.
The government has recognised the difficulty in getting on the housing ladder for many first-time buyers, and the anxiety many young people have that they may never own their own home. Yesterday, the Chancellor announced that for first-time buyers will pay no stamp duty on purchases up to £300,000.
To ensure that this relief also helps first time buyers in very high price areas like London, it will also be available on the first £300,000 of the purchase price of properties up to £500,000. This means a stamp duty cut for 95% of all first-time buyers who pay stamp duty, and no stamp duty at all for 80% of first time buyers. This has already been welcomed by many looking to purchase their own home.
I welcome the announcement of an extra £2.8 billion for the NHS in England, including £350 million immediately to allow trusts to plan for this winter. The Chancellor has also committed to funding pay awards for NHS staff on the Agenda for Change contract (such as nurses, midwifes, and paramedics) that are agreed as part of a deal with the unions to improve productivity.
The switch to Universal Credit is a long overdue and necessary reform. However, I recognise the genuine concerns raised regarding the delivery of this change and I have received many letters on this issue. In response to these concerns, the Chancellor has announced that we will remove the seven-day waiting period applied at the beginning of a benefit claim so that entitlement to Universal Credit will start on the day of the claim. Greater support will also be provided during the waiting period, with changes to the advances system to ensure that any household that needs it can access a full month’s payment within five days of applying.
The budget promoted the UK as a great place to develop a business, with additional funding committed to investment in skills, infrastructure, and preparing for the jobs of the future. We are also continuing to ensure we support our local pubs which are at the heart of our communities, with the extension of the £1,000 discount for pubs with a rateable value of less than £100,000 for one more year to March 2019 and the freezing of duty on wines, spirits and on beer.
The budget addresses many issues which have been raised with me in recent weeks, but I do recognise that there are areas we have been unable to address. However, I do believe this budget finds the balance between investing to build a strong economy, and ensuring we do not leave future generations to deal with our debt.