Labour today delivered their last budget before the general election, which offered just more of the same debt, taxes, and waste that have got the economy into the terrible mess its in.
But the budget also confirms that a new tax blow for local tourism businesses will come into force on 5th April this year.
People who own holiday lets will see the tax on their profits nearly double and will no longer be able to claim investments in their businesses, like new furnishings and fittings, against their tax bill. This means local businesses who offer self catering holiday accommodation could be particularly badly hit, and will lead to higher prices, putting off visitors.
The Conservatives have promised to scrap this tax increase on tourism. We will also cut corporation tax rates for all businesses, and abolish taxes on the first ten jobs created by new businesses. This will particularly help independent businesses employing local people.
Kent businesses like the Biddenden cider makers will have also been disappointed to hear about the proposed 10% increase in tax on cider.
Overall, there was more bad news for the economy, with the Treasury cutting its forecast for economic growth next year.
We desperately need a new government with a new approach to strengthen and support local business and create jobs.