'David welcomes Budget for pensioners and children'

David Miliband MP today welcomed Gordon Brown's Budget as "good news for the pensioners and children of CONSTITUENCY".

Budget 2003 announces:
· £100 extra for every household with a pensioner aged 80 or over, in addition to the £200 winter fuel payments, for the rest of this Parliament;
· Extending to 52 weeks the period over which all pensioners in hospital receive their full state pension.
· A new Child Trust Fund giving every new born child £250 rising to £500 for the poorest, to make sure every child has money in the bank to spend at the age of 18;

David Miliband MP said,
"This is a Labour Budget for pensioners and children giving welcome support to our oldest and most vulnerable citizens and help for the next generation of children in South Shields.

"The new Child Trust Fund will help ensure the best start in life for all new born children on top of the support already available to families such as the record increases in child benefit since 1997, extra maternity and paternity rights and from this month the new Child Tax Credit.

"Today's £100 extra for every household with a pensioner aged 80 or over gives extra to the oldest and most vulnerable pensioners adding to the help already benefiting pensioners - the guaranteed pension rise, £200 Winter Fuel Payments; Minimum Income Guarantee, free tv licences for over 75s and from this October the Pension Credit to reward pensioners who have saved for their retirement.

"This extra support for pensioners and children is only possible because of the economic stability the Labour Government has delivered. Even at a time of global uncertainty, the tough decisions Labour took on the economy over the past six years means Britain remains better placed than in the past to withstand the global economic downturn and to benefit when the world recovery begins.

"Today inflation is at its lowest for thirty years, mortgage rates are their lowest for forty years and more people are in work than ever before. This contrasts with the last recession under the Tories when interest rates soared to 15%.

"Labour's Budget confirms that despite the global uncertainties Britain currently faces, we will not be diverted from our priorities of delivering full employment, tackling child and pensioner poverty and investing in our schools and hospitals. This is the right policy for the people of South Shields and the right choice for Britain."