In his statement to the House of Commons, Chancellor of the Exchequer George Osborne said the government would cut fuel duty by 1p in the £1, would delay the 4p rise in fuel duty until April next year and introduce a fair fuel stabiliser.
The Budget also unveiled plans to raise the personal tax allowance by a further £630 next year and business rate relief is to be extended to October 2012, helping many entrepreneurs in Milton Keynes.
The city’s businesses will also benefit from the 2% cut in corporation tax and other measures to stimulate enterprise.
Mark Lancaster, MP for Milton Keynes North, said: “The cost of living is people’s main concern. They feel like they are being hammered at the checkout and punished at the pump, when all they are trying to do is get to work and feed their families.
“I am delighted that the Chancellor was able to take the pressure off, despite the fact that, financially, the country is not out of the woods yet.”
Iain Stewart, who represents the Milton Keynes South constituency, added: “I am pleased that this budget addresses the concerns of people about rising fuel costs. I am also delighted with the business-friendly measures which will especially help the many small businesses and entrepreneurs who contribute to giving Milton Keynes a favourable economic outlook and provide jobs locally.”
Pictured: Iain Stewart (front) and Mark Lancaster at a recent Milton Keynes & North Bucks Chamber of Commerce forum.