Budget

Yesterday (31st October), I contributed to the Budget debate, which you can read in full here: http://www.michaelfallon.org.uk/?page_id=2191

I welcome the Chancellor’s plans. The additional resources given to UK Export Finance and the significant expenditure on research and development will be vital if we are to grow our national capability.

Three key areas, however, require more attention.

First, we must speed up the development of critical infrastructure. Bureaucracy too often delays important projects: our airports, ports and river crossings must be built more quickly if we are to make a success of Brexit.

Second, the Government must look again at its funding for schools and skills. The increase in pupil numbers, and huge increase in pupils with additional needs, education authorities such as Kent County Council have to divert resources away from the main schools funding block to deal with the demand.

Finally, the current savings ratio, at 4.9% of disposable income, is the lowest since records began. One painless way of boosting savings is to simplify and encourage share schemes: create a more streamlined approach; open them up to companies owned by private equity; reduce holding periods and improve the tax treatment of shares. We know increasing employee’s involvement in company’s boosts productivity – it’s time we make the schemes simpler and more engaging.

 

 

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