On Friday, I joined Wellden Turnbull, an independent firm of chartered accountants based in Cobham, for their annual Budget seminar at Cobham Rugby Club. The annual seminar is a great opportunity to touch base with the local business community, reflect on the main aspects of the Budget, and hear back from local businesses and residents.
I started by setting out the most recent data on the current economic climate, the key measures announced by the Chancellor, and how these will impact locally. I talked about Crossrail 2 getting the green light, which will take the pressure off overcrowded peak rail services, expand commuter links across the whole of London, and increase the frequency of services. I also explained the permanent rise in the threshold of small business rate relief from £6,000 to £15,000, cutting or abolishing business rates for 850,000 businesses nationally - which is good news for small businesses, and the High Street more generally.
I went on to discuss the rise in the income tax personal allowance from £11,000 to £15,000, taking 1.3 million of the lowest paid out of tax altogether, and the rise in the 40p tax rate threshold from £42,385 to £45,000 – lifting 500,000 people out of higher rate tax across the UK. Overall, these changes mean a tax cut for 57,000 people living locally, both low and middle income workers.
We had a really good question and answer session, with topics ranging from the upcoming EU referendum to Capital Gains Tax. It was a great event, and I was delighted to take part. My sincere thanks, as ever, to Robin John and Simon Spevack for hosting us.