Dr Neil Hudson MP says stick to the plan as he met with the Chancellor to welcome the Conservative Government's Budget for Long Term Growth.
Because the Conservatives stuck to the plan with the economy, inflation has fallen from 11.1. per cent to 4.0 per cent. That means the Conservative Government have been able to cut taxes for more people and businesses across the UK.
The Conservative Government announced National Insurance will be cut again. Combined with the cut at the Autumn Statement, that is a tax cut of over £900 for the average worker earning £35,400 – giving the average earner the lowest effective personal tax rate since 1975. It means a hard-working family with two earners on the average income of £35,400 each, in Penrith and The Border will be better off by £1,827 a year.
A steering force within the Conservative policy machine, Dr Hudson played a key role when it came to a suite of announcements within the Spring Budget. These include an extension to the alcohol duty freeze, a duty on vapes, maintaining the 5p cut and freeze to fuel duty, generous business rates relief for hospitality, abolishing holiday lets incentives to boost housing for local people and boosting pensions.
Dr Hudson was in the Chamber to welcome the Spring Budget and even caught up with the Chancellor immediately afterwards to thanking for adopting so many of his policy suggestions.
Specific Budget wins for Dr Hudson include:
- After meeting pub and beer experts and penning a letter to the Chancellor, alcohol duty has been further frozen alleviating pressures on the hospitality sector.
- Broader calls to back the visitor sector which resulted in extending the Retail, Hospitality and Leisure relief meaning a typical independent cafe will get around £5,700 off their final business rates.
- Another letter called for the Treasury to address rural energy and fuel costs which was met with fuel duty staying frozen and the Energy Profits Levy continuing to combat inflated energy prices as a result of the war in Ukraine.
- Boosting pensions in line with the Triple Lock, by 8.5% to ensure dignity for those in retirement - something Dr Hudson has consistently championed.
- Helped local people get and stay on the property ladder by abolishing the Furnished Holiday Lettings loophole for short-term lets. Dr Hudson met with the Minister to discuss this.
Other measures Dr Hudson is proud to support include increasing the VAT registration for small businesses allowing them to hire more staff and boost the local economy; the launch of new UK Individual Savings Account (ISA) with a £5,000 allowance to promote investment; and £1,260 a year towards childcare costs for families. To read a full account of all announcements, visit: www.gov.uk/government/news/chancellor-delivers-lower-taxes-more-investment-and-better-public-services-in-budget-for-long-term-growth
This Budget builds on the Conservatives work to deliver a brighter future for Britain, with long-term economic security and opportunity: where hard work is always rewarded; where ambition and aspiration are celebrated; where young people get the skills they need to succeed in life; where families are supported, where those who have worked hard all their lives have the dignity they deserve in retirement; and, with security at home and abroad.
Dr Neil Hudson MP said:
"With the legacy of COVID, war in Ukraine and the Middle East, and global inflationary pressures Government has had to make tough decisions and I know it has not always been easy for folk. But with inflation having already more than halved, the economy outperforming predictions, wages rising, mortgage rates coming down and debt on track to fall our plan is clearly working and I am proud we are sticking to it.
"Because the economy is turning a corner, I am delighted our Chancellor has been able to award tax cuts to 29 million working people - rewarding productivity and supercharging innovation. This is cash in people's pockets who need it most.
"For my part, I've been lobbying the Chancellor on key issues that matter to me and my constituents. From supporting our cracking pub sector and helping motorists with fuel costs to increasing local housing and standing up for pensioners, I am delighted we've had some real wins in this budget!"
Chancellor of the Exchequer Jeremy Hunt MP said:
“Because the Conservatives are sticking to the plan with the economy inflation is down from 11.1 per cent to4.0 per cent, meaning we can cut taxes and put more money in people’s pockets to grow the economy.
“Our Budget cuts taxes to reward work, supports small businesses and helps more parents with the cost of childcare to grow the economy and fund public services.
“By sticking to the plan, the Conservatives will deliver a stronger economy to build a brighter future. Labour cannot say what they would do with the economy because they do not have a plan and would take us back to square one."
