Budget 2014 – North West Facts & Figures March 19th, 2014 admin Latest News Shares Comments Budget 2014 – North West Facts & Figures For households/families 311,000 people in the North West will be taken out of income tax altogether when the Personal Allowance rises to £10,000 this April, and another 31,000 will come out of tax when the allowance rises again to £10,500, as announced in this year’s Budget. 2.68 million people will see an average real terms gain of £61. Apprenticeships Grant for Employers (AGE) will be expanded in 2014-15 and extended to 2015-16. This will build on 6,680 apprenticeship grant payments in the North West up to July 2013. Extending the Help to Buy: Equity Loan scheme to 2020. The scheme has already supported 1,716 purchases of new homes in the North West. From Autumn 2015, tax-free childcare will cover 20 per cent of working families’ childcare costs up to a limit of £10,000 a year. This will help 710,000 children in working families in the North West with 25 hours of childcare a week for a child under two saving on average £980 a year. For businesses Every business in the North West will benefit from the capping of the carbon price support rate announced today. Particularly energy intensive industries will also benefit from compensation for higher energy costs caused by government energy policy. They include Arjowiggins Chartham Ltd, Basell Polyolefins UK Ltd, Disley Tissue Ltd, INEOS ChlorVinyls Ltd, Tata Chemicals Europe. 11 Combined Heat and Power plants in the North West are likely to benefit from Government support announced in the Budget. They include AstraZenica, Kelloggs, Eli Lilly & Co. The business energy package in total will be worth at least £773 million in the North West. Announced at last year’s Budget and starting this April, the new Employment Allowance will offer £2,000 cash to up to 137,000 employers in the North West. Businesses in the North West will also benefit from the doubling of the annual investment allowance to £500,000 until the end of 2015. £20 million Regional Air Connectivity Fund will encourage airlines to start flying new routes from regional airports to increase connectivity and boost local economies, including Liverpool and Blackpool airports. Government has asked HS2 Ltd to develop proposals on opening the line to Crewe six years earlier than planned and building a hub station there providing better connections for London, the North West and Scotland via the hub. Submit News Contact us with your community, business or sport news. Phone 07930717137 Email [email protected] Twitter www.twitter.com/onthespot_news Facebook www.facebook.com/otsnews.co.uk Related Comments comments!