A Spring Statement to support businesses and jobs in Norwich

In the Spring Statement, the Chancellor announced a series of measures to support businesses and jobs in Norwich at Spring Statement 2021, building a stronger, more secure economy.

This Spring Statement sets out plans to create a new culture of enterprise, which will support sustainable growth by focusing reforms of the tax and regulatory system on three priorities: Capital, People, and Ideas.

At Budget 2020, the Employment Allowance was increased. Yesterday, as recommended by the Federation of Small Businesses, the Government are increasing the employment allowance even further to £5,000 from April meaning a new £1,000 tax cut for small businesses in Norwich.

At Budget 2020, the Government increased the amount people can earn before paying National Insurance to £9,500. Yesterday in the Spring Statement, the Government went further by raising this threshold to £12,570 from July. This is the largest increase in a starting personal tax threshold in British history, equivalent to a £6 billion tax cut for nearly 30 million workers and worth over £330 a year starting in July. This is the largest single personal tax cut in a decade.

As the local MP, ensuring that we have more good jobs in Norwich is one of my priorities. To find out what I am doing to ensure this, please visit: https://www.chloesmith.org.uk/myplan/jobs  

I hope you find this information helpful.  The Government is committed to jobs, and so am I for us in Norwich.  If I can help constituents with any matter, please do email me on chloe@chloesmith.org.uk or ring my constituency office on 01603 414756.