Pre Budget Report - 10th Oct, 2007

Swansea East MP today welcomed the tax and public spending and tax plans set out by Alistair Darling MP, Chancellor of the Exchequer.

Mrs James said: “We pay taxes to pay for public services and it’s important that people feel that the tax system is fair. That’s why it’s right that everybody who benefits from living in Britain, including wealthy business people, pay their fair share.

“At the same time, we need to do more to help less well off families in Swansea East. The Government’s commitment to raise Child Tax Credits well above inflation next April will give them a more secure future. The commitment to raising the Pension Credit minimum guarantee to £124 for single pensioners and £189 for pensioner couples from next April will help them too.

“Many people in Swansea East also have been worried that rising house prices mean they won’t be able to pass on what they had hoped to their children. The Government’s plans to change the way Inheritance Tax works means a couple will now be able to leave twice as much to their children before they pay tax – that’s £600,000 – and from April 2009 it will go up to £700,000."