Budget 2008

Meg today welcomed the Budget unveiled by Chancellor of the Exchequer Alistair Darling as a good deal for Hackney’s young and old alike.

The 2008 Budget set out measures to help lift 250,000 children out of poverty, and extra help for pensioners to keep warm.

Over 60’s households will get an extra £50 and over 80’s households an extra £100 on top of the Winter Fuel Payment (making this year’s payments £250 and £400 respectively). 11,360 pensioners in Hackney South will benefit.

Child benefit will increase to £20 a week for the first child and the child element of the Child Tax Credit will increase by £50 a year, helping 14,555 Hackney South families.

The environment is also top of the agenda with new policies to reduce emissions and protect the UK’s natural environment. New vehicle exercise duty rates will reward drivers of cleaner cars; the stamp duty land tax exemption for zero-carbon homes will be extended to include new flats and there will be funding for the Green Homes Service which advises consumers on reducing emissions, waste and water consumption.

The budget also takes a step towards eliminating single-use plastic bags by legislating for a charge on retailers if they do not take voluntary action.

Meg said, “I welcome the focus on tackling child poverty and climate change. I am also pleased to see help for small businesses with support in accessing the resources needed to start up and grow. We have a high number of small independent businesses in Hackney and this is a welcome boost for Hackney entrepreneurs.”

There are also measures to enable Gift Aid to be paid at a rate of 22 per cent over 3 years from 2008 to 2011 a move which protects charitable income.