Mid-Scotland & Fife Conservative MSP Murdo Fraser has welcomed today’s budget announced by the Chancellor George Osborne and believes it will benefit residents in Fife, Perth & Kinross and Stirling. The increase in the personal allowance by a further £1,100 will lift 73,000 people out of tax and overall will benefit 2.1m individuals in Scotland. Corporation tax will be reduced by 2% in April and 1% each year until 2014 – bringing corporation tax to 22%. This April pensioners will also receive the largest ever cash increase in the Basic state Pension of £5.30 a week. Murdo Fraser said: “This is a welcome budget for Scotland that will see support and gains for many families, individuals and businesses across Fife, Perthshire and Stirling. From next year all those earning under £9,200 will pay no tax at all. Thousands of Scots will benefit from the increase in the personal allowance, leaving them with more spending power to help support them through these difficult economic times, which will see more money spent in our local shops. “This is a significant reduction in corporation tax and shows that Britain is open for business. By 2014 the main rate of corporation tax will be just 22%, which will help our businesses. George Osborne has taken a huge step towards making Scotland and the rest of Britain more competitive by setting rates at a level lower than our main competitors. “It is welcome news that the UK Government is focused on cutting the deficit, while ensuring that we maintain triple-A status.”