John Denham has welcomed the Chancellor’s Budget as a commitment to economic stability, opportunity and security for all.

The 2008 Budget set out key measures to help lift 250,000 children out of poverty, and an extra boost of £50 to over 60’s households and £100 for over 80’s households on top of the Winter Fuel Payment.

John Denham said:

“Today’s Budget is great news for pensioners, families and children.

“Over 9 million households nationwide and 18,050 households in Southampton Itchen constituency will get extra cash to pay their heating bills this year.

“And 12,065 families in my constituency will gain from the increases in Child Benefit.

“I welcome the Budget focus on tackling two of the big issues of today - child poverty and climate change.  Under Labour, we have had 10 years of economic stability and growth – let’s not put that at risk.”

The 2008 budget:

• reports that the economy is stable and resilient, and continuing to grow, and that the Government is meeting its strict fiscal rules for the public finances;

• sets out further financial support for children, which will lift 250,000 children out of poverty;

• included, alongside the Winter Fuel Payment, an additional one-off payment of £100 to over 80’s households and £50 to over 60’s households in 2008-09. This will benefit around 9 million households;

• announces a package of access to finance measures including enhancing the Small Firms Loan Guarantee Scheme and the Enterprise Capital Funds to support small firms in accessing the resources they need to start up and grow;

• sets out a £200 million package over the next three years to bring forward by a year to 2011 the Government’s ambition for no school to have fewer than 30 per cent of its pupils achieving 5 A*-C grades at GCSE, including English and maths;

• takes further steps to meet the long term challenge of delivering decent and affordable housing;

• postpones the planned fuel duty increase of 2 pence per litre in April 2008 until 1 October 2008;

• increases alcohol duty rates by 6 per cent from 17 March 2008;

• lays the ground work for the introduction of five-year carbon budgets, and announces that the first budgets will be set as part of Budget 2009;

• announces further steps to tackle climate change including reforms to Vehicle Excise Duty, auctioning of 100 per cent of allowances for large electricity producers in Phase III of the EU Emissions Trading Scheme, and that to eliminate single use carrier bags, the Government will legislate and impose a charge if retailers do not take voluntary action; and

• introduces further reforms to modernise the tax system, and a number of measures to tackle tax fraud and avoidance.