Chancellor must produce a budget fit for the countryside
RAISING income tax thresholds and cutting employers’ National Insurance bills in next week’s Budget, could provide a much needed boost to the countryside’s economy.
That was the message from rural insurer and pensions and investment expert, NFU Mutual.
NFU Mutual’s personal financespecialist, Sean McCann. said: “Job creation in many rural areas is being held back by the combined impact of income tax on low earners, National Insurance charges on employers and the high cost of fuel.
“By increasing the threshold for income tax to more than £8,105 – which will apply from April 6, offering businesses incentives to take on workers via lower National Insurance contributions and reducing fuel duty the Chancellor could help revive the rural economy.
“These moves would be a win-win for employers and workers alike and provide a real boost to the hard-pressed rural economy.
“They would be particularly helpful for young people in the countryside who are currently struggling to cope with rising inflation, high housing costs and crippling fuel costs.”
Sean advised people to take advice before and after the Chancellor’s Budget on Wednesday to help reduce their effective rate of tax.
The insurer would like to see:
- Raised income tax threshold could boost rural economy
- The Chancellor to reduce small employers’ National Insurance burden
- High fuel costs are hitting rural businesses and workers hard