The Chancellor of the Exchequer has presented his budget to the Government of New Woking on 14th March 2018.
The budget aims to:
Improve living standards by adjusting tax rates
Establish New Woking as Iveagh's greatest Pharmaceutical export nation
Support public transport within the nation
Invest in the NHS in order to reduce waiting times.
Unemployment is decreasing
National Debt is still high
Citizen tax rates are dropping
Business tax rates are increasing
Investing in transport
Tax-free allowance increase
Investing in the NHS
Unemployment is at its' lowest point since 2010, which is the best rate under the Labour Government. Unemployment has decreased by 1.75% since 2010.
The national debt has slowed down dramatically, with the nation borrowing £1 of every £22 being spent. In 2009, this figure was £1 in £14 under the Conservative Government.
For the first time since 1970, citizen tax rates are dropping by 3%. This means that the new tax rate will be 19%. This should benefit working class families, giving them more disposable income.
Business tax rates will be increasing due to the fall in citizen tax rates. The new figure shall be 11%, which is the first increase in business tax since 1997.
The Government shall be investing £240m into market leaders GlaxoSmithKline, hoping to establish the nation as region leaders in Pharmaceutical exports.
£1.7bn will go towards improving public transport in cities across New Woking, with half of the budget going towards private companies in order to ignite competition within the nation to improve services. An extra £7m will go towards Brookwood Station in the heart of Woking City, where serious improvements are needed.
The Government shall help companies fund degree apprenticeships by ensuring that 33% of the degree shall be paid by the Government in grants. This ignites new opportunities for the next generation, allowing them to gain experience and study at the same time.
The amount of tax-free money shall be increased from £11000 to £11365. This works hand-in-hand with the tax cuts to allow citizens to have a higher take-home pay.
£6.7bn will go towards investing in the NHS to reduce waiting times and increase effectiveness of the A&E. This will allow for us to keep the NHS public and ensuring that everyone can get efficient, free healthcare.