Budget 2009

Meg today welcomed the Budget unveiled by the Chancellor of the Exchequer Alistair Darling.

The budget includes a number of measures to support jobs and people out of work. 18-24 year olds who reach 12 months of unemployment will be guaranteed a job, training or work placement to ensure they do not get stuck in long-term unemployment. An additional £1.7 billion has been set aside for the Department of Work and Pensions for extra support for all jobseekers through Jobcentre Plus.

There is help for businesses including measures for businesses making a loss to reclaim taxes on profits made in the last three years, and a credit insurance scheme to help with cash flow.

The budget also includes an extension of the stamp duty holiday for all houses costing up to £175,000 until the end of this year and £600 million of funding for building more homes.

Meg said, “I welcome measures to help young people and businesses in Hackney. In these difficult times the Government needs to ensure that ordinary people get the help they need to deal with the challenges they face.”

Individual savers will be helped by an increase in the annual investment limit of tax free ISAs which will rise to £10,200 (£5,100 of which can be saved in cash). The higher limit will be available for over 50s in October this year and for everyone else in April next year.

The 2009 budget also sets the first carbon budgets as required by the climate change act. There is an additional £375 million to support energy and resource efficiency in businesses and public buildings and £405 million to support for low-carbon industries and green manufacturing.