Nick Clegg On The Budget
The coalition government has announced a budget that will return the UK to sustainable and balanced economic growth and which puts helping Alarm Clock Britain at its heart.
We are increasing the income tax threshold by £630 to £8105; lifting hundreds of thousands of low income earners out of paying income tax and putting £126 back in the pockets of low and middle income earners. This is in addition to the last budget that took nearly a million of the lowest income earners out of tax and made millions of hard working individuals £200 better off. We are making a real difference in people's lives - from the front page of our manifesto to people's back pockets.
Alarm Clock Britain will be further helped by the measures we have taken to give motorists a fairer deal. We are shifting taxation away from the pumps and onto the broader shoulders of the oil companies instead - with fuel duty being cut and taxation on oil companies rising.
At the same time we are making the wealthy pay their fair share with increased measures to tackle tax avoidance, higher charges for non-doms and a special tax on private jets. This budget also places green growth front and centre - the Green Investment Bank will begin operation next year with £3bn of capitalisation, delivering an additional £18bn of investment in green infrastructure by 2014-15.
We were left a toxic economic legacy by Labour with a record deficit and debt. Under Ed Balls Labour have no answers and solutions to the mess they left. The difficult decisions we have taken in government have rebuilt confidence in Britain's ability to pay its way, kept interest rates lower than they would otherwise have been, and have provided the stability that business and individuals need to invest in the UK's economy.
There are no easy decisions in this budget. But we are delivering a budget which will mean that that those who can pay more will; and those who are working hard to make ends meet will get a helping hand. This budget is progressive, green, liberal and what our country needs at this time.
Best wishes,
Nick Clegg MP
Deputy Prime Minister & Leader of the Liberal Democrats