Local MP Marcus Jones has today welcomed a bold set of tax cuts for businesses and employers in Nuneaton, announced by the Chancellor in this year’s Budget.

A new Employment Allowance will take £2,000 off the National Insurance bill of every employer – open to businesses, charities and community amateur sports clubs. This will help 70,000 employers in the West Midlands, taking 35,000 out of having to pay any tax on jobs at all.

Employers will be able to hire one extra person on £22,400 a year, or four people working full time on the minimum wage, without paying any National Insurance.

A further corporation tax cut to 20 per cent in April 2015 will see the UK having the lowest corporation tax rate in the developed world, which sends a clear signal that Britain is open for business.

Commenting, Marcus said: “This is fantastic news for businesses in Nuneaton and particularly our smaller businesses. The Employment Allowance will make it easier and cheaper for firms to hire people – an employer could hire four people working full time on the minimum wage without paying any National Insurance.

“These and the other business measures in the Budget are exactly what businesses need to hire, to expand and to grow.”