Chuka Umunna, Labour’s Parliamentary candidate for Streatham, has welcomed the government’s priorities in this week’s Budget.
In the 1980s, a generation of young people suffered the risk of long-term unemployment – we must ensure that this doesn’t happen again. That’s why the government has guaranteed that everyone under the age of 25 who has been out of work for 12 months will be offered a job or a place in training in this budget. Over 2,000 young people have already benefitted from similar measures in the Streatham constituency since 1997.
There was a boost for families too, with an increase in the value of tax credits per child. Across Streatham, this will benefit 13,740 families and 23,900 under-16s. Opportunities for tax-free savings through ISAs will be extended as the annual investment limit rises to £10,200 next year.
Budget 2009 also focussed on the needs of homeowners and buyers. In order to meet demand for housing and to make affordable homes available for those taking their first step up on the housing ladder, the chancellor has pledged a £600m funding package for the building of new homes. This will also help create jobs and boost the construction industry.
The Stamp Duty holiday for homes worth under £175,000 has been extended until the end of the year to help new buyers. At present there are over 80 properties on the market under £175,000 in the Streatham area.
This week’s Budget was the world’s first Carbon Budget, as required by the Climate Change Act. £1.4bn of targetted support was pledged for Britain’s low-carbon industries, alongside a £5bn investment programme in renewable energy, particularly wind turbines and solar power.
Commenting on how the budget will help local people, Mr Umunna said:
“This week’s Budget reflects the need to help people and build for the future right now, rather than cutting back when people need support most.
“We know that if we don’t act now, it will cost us all more in the long run, which is why, for example, we have increased tax credits for over 13,000 families in this area and for over 4000 pensioners.
“The extension of the stamp duty holiday on properties under £175,000 may not mean much to the super rich, but to first time buyers on normal incomes eying up the 80 odd properties on the market at that price here, this will be massively helpful.
“We will also be introducing a new 50% top rate of tax next year for the top 1% of earners to help pay for additional support for others – it is right that those who can afford it, pay their fair share to help those who cannot.
“We have the confidence to invest in the recovery which is surely better than talking Streatham down.”