Sir Edward Leigh has predicted tax cuts and pensions reform in Wednesday’s pre-election budget.
The Gainsborough MP told the Rasen Mail he expects Chancellor George Osborne will raise the personal tax allowance to around £11,000, which will cut taxes for all workers and mean many part-timers or low-earners won’t pay any income tax at all.
“I think we also need to raise the level at which people pay the 40% rate of income tax,” he said.
Sir Edward also expects “ambitious” reform of pensions, allowing people to sell their annuities for cash.
“This idea is intended to give people more freedom to spend their savings as they choose, rather than be locked in poor value schemes.” The MP also predicts “encouragement from the Treasury” to support housing on brownfield sites rather than in open countryside.
Adding to West Lindsey District Council’s superfast broadband programme, “I expect the Chancellor to announce infrastructure reforms that will include plans for ultrafast broadband nationwide,” he said.
Sir Edward also expects an extra £250 million towards mental health programmes.
“We know a strong, competitive economy is the only way forward to build a secure and better future for everyone. Income tax has been cut and fuel duty frozen, more private sector jobs created, and benefits have been capped. We’ve reduced the deficit but debt remains far too large for us to be comfortable just yet. A Labour government would only borrow more and destroy our ongoing but still fragile economic recovery,” he added.