Today the Conservative Government announced a raft of measures to restore economic stability and drive down inflation while also protecting key public services and looking after the most vulnerable in society, which was greatly welcomed by Dr Neil Hudson, MP for Penrith and The Border.
This plan was laid out in the Chancellor’s Autumn Statement to the Commons, representing a fair deal for people, families and businesses across the United Kingdom through the tough times ahead.
Dr Neil Hudson has publicly lobbied the Government on a number of key issues for the people of Penrith and The Border and was pleased to hear the Government had listened to him and his Conservative colleagues. These include the retention of the triple lock pension so those who worked hard to secure our nation’s prosperity are looked after in their old age; benefits being uprated in line with inflation so the most vulnerable in society don’t become poorer; and for the Government’s monumental energy support scheme being widened for those in rural areas who use heating oil, LPG or alternative fuels to heat their homes. Dr Hudson has provided a consistent and resolute voice on these issues, informed by conversations and meetings with people across Penrith and The Border who will be better off following the Autumn Statement.
The Cumbrian MP also welcomed an extra £11 billion in funding over the next two years for the NHS and schools. Public spending for the next two years will be protected at the levels set out in 2021 and then increase by one per cent in real terms a year until 2027–28.
Dr Neil Hudson, MP for Penrith and The Border, said:
“I’m under no illusions the challenges we face as a nation require tough decisions to be made, so it is only right that our Conservative Government has brought forward a credible, transparent, and fully-costed plan that will reduce debt as a share of the economy, while also looking after the most vulnerable in our society and protecting vital public services. These are not just my views but those of the independent Office for Budget Responsibility.
“I welcome that even in these tough times the Government is investing an extra £11 billion into our schools and NHS. I’m also pleased the Chancellor has listened to me on triple lock pensions, uprating benefits and energy support for those in rural communities off the gas grid and who rely on heating oil and LPG.
“This Autumn Statement shows we do not have to choose between growing our economy and retaining good public services – with a sensible, compassionate Conservative Government, you can do both.”
£12 billion of extra targeted support is also being provided next year to help eight million low income, vulnerable and pensioners households, on top of the cost of living payments being provided this year. This means additional payments of £900 for people on means-tested benefits, £300forpensioners,and £150 for disabled people to help with their energy bills.
Every household will be supported with higher energy bills following the announcement that the Energy Price Guarantee will be extended until April 2024,with a price cap increase from April 2023meaning a typical household’s energy bills will be capped at £3,000.The Conservative Government’s plan for stabilising the economy and protecting the public finances is fair and involves a roughly equal split between tax rises and spending cuts
Other landmark measures include:
- The Levelling Up Fund is being protected to unleash prosperity across the country with 1.7 billion in projects to be announced shortly – including an £8 million Inspiring Eden Enterprise Hub bid which could create 500 jobs.
- The Largest ever increase to the National Living Wage which means a pay rise of £1,600 a year on average for millions of workers.
- Windfall taxes on energy companies are being extended and increased, and instead of raising personal tax rates, the Government is freezing personal tax thresholds for a further two years
- The Additional Rate threshold will be reformed, so that a taxpayer who earns more than £150,000 will pay £1,200 more in tax per year. Changes to the dividends allowance and Capital Gains Tax Annual Exemption Amount will mean the greatest burden falling on those who can afford it most
Chancellor of the Exchequer, Jeremy Hunt, added:
“We are weathering a global economic crisis, but the British people are tough, resourceful and inventive. My focus is on driving down inflation to get us through this.
“I have had to make difficult choices, but have done so based on fairness. Increases in taxes and restrictions on public spending are tough, but we’re ensuring those with the broadest shoulders carry the heaviest load.
“We’re protecting the most vulnerable with an extensive package of energy support, increases in benefits and the State Pension, and a rise in the National Living Wage.
“And we are safeguarding our frontline public services with access to £8 billion for the NHS and Social Care and £2.3 billion for schools next year, while making sure we bring down debt and borrowing.”
