Dr Neil Hudson MP has welcomed the Conservative Government’s Autumn Statement for Growth, taking the long-term decisions to reduce debt, cut taxes, reward hard work and back businesses across the country.
With inflation falling, and global economic conditions stabilising, the Conservative Government are now able to take the long-term decisions required to strengthen the economy and build a brighter future for people.
To ensure work always pays under the Conservatives, the Autumn Statement for Growth cuts National Insurance Contributions for 29 million people and reforms the welfare system to toughen up work requirements, ensuring those in the welfare system are incentivised to work.
To back business, the Conservative Government have announced full expensing will be made permanent. That means business have their taxes cut every time they invest in the UK; this is a £11 billion a year tax cut. Businesses across Penrith and The Border will also welcome a cut to their business rates.
The Conservative Government are going further with the cost of living to support 1.6 million low-income families with an increase to their housing benefit and have announced the National Living Wage will be boosted by the largest ever cash increase, ending low pay and ensuring hard work is rewarded.
The Autumn Statement for Growth also backs new technologies with a £4.5 billion advanced manufacturing fund and announces new Investment Zones – backing business and supporting new jobs.
The Conservative Government is making huge progress in tackling the long-term economic challenges facing the UK meaning a more dynamic economy that delivers prosperity across the United Kingdom.
Dr Neil Hudson has specifically focused including:
- A £7.1 million investment for an Enterprise Hub near Penrith that Dr Hudson has now secured to unlock rural business potential in his constituency. Full details here.
- The extension of the freeze on Alcohol Duty until August 2024, allowing pubs to thrive as community hubs. In October, Dr Neil Hudson MP joined the All-Party Parliamentary Beer Group in writing to the Chancellor to support this measure in October and was pleased to see it enacted. Read more about his advocacy for pubs here.
- State Pensions are to rise by 8.5% from April as the Government reaffirmed its commitment to the Triple Lock on Pensions. Dr Hudson has been a committed voice in the Conservative party advocating for pensioners and the Triple Lock, as you can see from his first newspaper column after Rishi Sunak became Prime Minister.
- A plant and machinery tax break known as Full Expensing has been made permanent which Dr Hudson has heralded as a huge win for farming businesses reliant on tractors, cultivators, milking machines and all manner of other applicable investments.
Commenting, Dr Neil Hudson MP said:
“This Conservative Government is making progress in tackling the immediate pressures in the economy, such as reducing the rate of inflation to help people across the country with the cost of living.
“Locally I am delighted the Government has listened to me and I have secured funding in the Autumn Statement to invest in a state-of-the-art £7.1 hub for local businesses near Penrith, supporting working people and rural businesses. This Autumn Statement for Growth is a result of the difficult decisions the Government has taken – meaning the Government are now in a position to cut taxes, for businesses and people, and boost economic growth across the country. I really welcome the support for business like pubs and hospitality that are so vital to our local economy. And I am so pleased that our Conservative Government continues to do the right thing by our pensioners, by honouring the Triple Lock. ”
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
“With inflation falling, and global economic conditions stabilising, we are now able to turn our attention to the long-term decisions required to strengthen our economy and build a brighter future.
“Our Autumn Statement for Growth takes those long-term decisions to reduce debt, cut tax, reward hard work and back British business right across the country.
“By doing so we are making huge progress in tackling the long-term economic challenges facing the UK so we can build a more dynamic economy that delivers prosperity across our United Kingdom.”
