The Pre-Budget Report: What it means for local residents
The government’s Pre-Budget Report was delivered this week and will bring substantial benefits to local people, with specific measures aimed at helping families, pensioners and small businesses.
3,600 Streatham families will be better off as a result of changes announced by the Chancellor this week, getting help now when it is needed most. Child Benefit is being raised to £20.30 for the first child and £13.40 for other children. Child Tax Credit has also been increased.
In addition the Chancellor announced this week that free school meals will be extended to more children in primary schools.
Streatham’s 4,270 pensioners will receive extra support next year, with the basic state pension for a single pensioner increasing by £2.40 to £97.65 a week, while the full couples’ pension will rise by £3.85 to £156.15.
This winter, pensioners will also receive an extra £50 alongside their winter fuel payment – and an extra £100 if they are over 80.
Small businesses on Streatham High Road and through the rest of the constituency received a boost in the report with a freeze in the rate of corporation tax and a raft of new measures to support them through the recovery.
The government’s ‘Time to Pay’ scheme which allows businesses to spread out their tax payments has been extended, while the government is guaranteeing £500 million of loans to small businesses through its Enterprise Finance Guarantee.
Additionally, a new Growth Capital Fund will be set up in collaboration with banks to invest in small and medium enterprises.
Chuka Umunna, Labour’s parliamentary candidate for Streatham said:
“I welcome the support for families, pensioners and small businesses in the Pre-Budget report.
“These measures will make a real difference for businesses and those who depend on them, providing assistance in weathering the current economic conditions.
“Families and pensioners are among the most vulnerable groups in society, particularly during the winter, and it is right that the government is providing extra help.
“This makes it all the more important that we ensure local residents are claiming all the extra benefits they are entitled to.”
