Tax cuts needed to keep Yeovil working says Kevin Davis
Action required to boost the economy and reduce unemployment
Ahead of the publication of the Government’s draft Budget – the so-called Pre-Budget Report on 24 November – Kevin Davis, Conservative Parliamentary Candidate for Yeovil, has called for tax cuts to help Yeovil’s economy and reduce unemployment.
The latest official Government figures show the number of people claiming unemployment benefit in Yeovil is now 738 – a rise of 132, or 20%, from this time last year.
Conservatives are calling on the Government to introduce tax cuts to create new jobs, under an innovative scheme which will help firms take on extra employees, boost the economy and reduce the damaging social costs associated with unemployment.
Private sector firms who hire someone who has been claiming unemployment benefits for more than three months and who has not previously worked for that company in the previous year, would receive a credit against employers’ National Insurance bills.
This would be funded by using money that would otherwise be spent on welfare payments to give tax cuts worth £2,500 per head over a year. It is estimated that the plan could create around 350,000 new jobs across the country over the next year. Simple safeguards would prevent abuse by ensuring that only genuinely new jobs would be eligible.
On top of this, Conservatives have already proposed:
- A two-year council tax freeze, paid for by cutting back on government advertising and consultancy fees.
- Taking family homes out of inheritance tax and nine out of ten first-time buyers out of stamp duty, funded by introducing a levy on non-domiciles.
- Allowing small businesses to delay their VAT payments by six months.
- Cutting payroll taxes for the smallest companies.
Kevin Davis said:
“I am very concerned about the state of the economy. Jobs, businesses and livelihoods across Yeovil are at risk, and it is clear that we cannot rely on Gordon Brown to produce the positive policies that will help us cope with recession. Change is desperately needed. Cutting taxes for local firms who create new jobs is one of the ways that we can support our local economy, in a fiscally responsible way.”
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