I’ve spent a few days digesting the Budget. Reading comments and the actual Budget document – see:

http://cdn.hm-treasury.gov.uk/2011budget_complete.pdf

It makes fairer taxation a priority so that in April, 23 million basic rate payers will get a £200 tax cut. The Budget goes further announcing that 25 million will benefit by another £126 tax cut next April.  That by 2012-13 we will have lifted over 1.1 million people on low incomes out of paying tax completely. This is straight from the front page of our Lib Dem manifesto and into the pockets of millions of taxpayers.

It eases pressure on the cost of living.  Labour’s plans for a 5p hike in the price of fuel per litre have been stopped. Instead fuel prices will be cut by 1p.  Petrol prices have gone up by around 18p a litre since the autumn Spending Review and we know that this is hurting people. Taxation on oil companies who are benefiting from soaring world oil prices will rise, to help those who are struggling as a result. The Lib Dems are a party who have supporters from urban and rural areas. These measures will particularly help those in rural areas from Cornwall to the Shetlands.

The Budget encourages growth and rebalancing our economy. The Budget takes action on youth unemployment, by funding an additional 50,000 new apprenticeships and an additional 80,000 work experience places.  It will encourage business investment in deprived areas with 21 Enterprise Zones, and it will support small businesses by exempting them from the burden of new regulation for 3 years. I’ve looked at setting up a small business and while in a full time job couldn’t work out how I’d find the time to start gradually.

The Budget also fulfils our commitment to being the greenest government ever.  The Green Investment Bank will begin operation in 2012-13, a year earlier than expected, with £3bn of capitalisation, delivering an additional £18bn of investment in green infrastructure by 2014-15. The Budget also commits to introducing a carbon price floor and increasing the proportion of tax accounted for by environmental taxes.

Liberal Democrats have been involvement at every stage. This Budget sets out how the Coalition Government will build the foundations for sustainable growth – delivering on our spending plans without the need for extra cuts or tax increases.