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Amendment of the Law

Part of the debate – in the House of Commons at 9:48 pm on 24th March 2014.

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Photo of Nicky Morgan Nicky Morgan The Economic Secretary to the Treasury 9:48 pm, 24th March 2014

I am sure we do not want to see that, but we will look at it in more detail as we go through the scheme. The Government have set out a clear intention to help people with their care costs, and nothing in last week’s announcement should diminish the fact that we want people to have affordable care costs, and not to be worried about getting older and being able to afford their care.

The most important point about business investment was the extension and expansion of the annual investment allowance, which means that from next month 99.8% of businesses will get a 100% investment allowance. Almost every business in Britain will pay no upfront tax when it invests. We have already mentioned the policies on pensions and savings, and the Government believe that we will give people the opportunity to save now, and to control better their finances in the future. The Government believe that responsible people who have worked hard and saved sensibly all their lives should have the freedom to decide how to use their own savings. The changes we announced last week recognise that, and act on it.

My right hon. Friend the Secretary for Communities and Local Government spoke earlier about some of the other Budget measures that will boost our communities. He spoke about Ebbsfleet, the enterprise zone in Coleraine, and the Cambridge city deal. I wish to put on record how pleased I was to be at the launch of the Leicester and Leicestershire city deal this morning. Many hon. Members will already have seen the difference those schemes can make in their areas, and I pay tribute to all those in Leicester and Leicestershire who worked so hard to secure that deal. It will boost the economy of our city and county.

This Budget will ensure that more people have jobs to go to at the start of the day and can return to their own homes at the end of the day. It will give people a greater amount of their earnings at the end of the month, and greater access to their savings at the end of their careers. Of course there is more work to do, but this Budget represents another sensible step to get our country back on its feet, and I commend it wholeheartedly to the House.

Ordered, That the debate be now adjourned.—(Harriett Baldwin.)

Debate to be resumed tomorrow.