Measures announced in this week’s Budget to promote growth included good news for Guildford and Cranleigh’s small businesses, charities and motorists:
Fuel Duty Cut
The fuel duty escalator announced in Labour’s 2009 Budget (which would have increased the price of fuel) will be abolished and replaced with a fair fuel stabiliser. This will be paid for by taxing oil producing companies: the Supplementary Charge on oil and gas production will stand at 32 per cent when prices are high and will be reduce back down towards 20 per cent on a staged and affordable basis while prices remain low. This is accompanied by an immediate 1p per litre cut to the main fuel duty.
Rate Relief for Small Businesses
Small businesses rate relief has been extended until October 2012 – over half a million eligible businesses in the UK will continue to benefit from reductions in their bills, with approximately 330,000 businesses paying no rates at all.
Donation boost for Charities
Charities will be able to claim Gift Aid on up to £5,000 of small donations per year without the need for Gift Aid declarations, and bureaucracy will be cut through the introduction of a new system of online filing which will bring Gift Aid into the 21st Century.
Commenting on the proposals, Anne Milton, Member of Parliament for Guildford, said: “The 2011 Budget sets out plans to back enterprise and charity, and help families when finances are tight; this is fantastic news. We’ve all seen the rise in fuel prices, and I am sure the immediate reduction to fuel duty and plans for a fair fuel stabiliser will be welcome news to the many motorists in Guildford. I am very happy to see that the charitable sector has also benefited as it is so important that the amazing work they do continues and grows, locally and nationally.”