This week, the Chancellor delivered her Autumn Budget statement, which included freezing income tax thresholds until 2031 and increased public spending on welfare payments.
Richard has shared his thoughts in a new video following the Chancellor’s latest budget announcement. In his reaction, Richard highlights the impact the uncertainty leading up to the budget has had and the effect the budget will have on working people in North Bedfordshire.
Richard Fuller MP said:
“The chaotic approach leading up to this budget has sewn so much uncertainty and confusion for everyone, businesses, savers, employees, pensioners. Now we know some of the facts, and I think this is a bad budget for North Bedfordshire.”
Richard warns that the budget raises huge amounts of extra tax on working people, with frozen thresholds dragging more people into paying tax for the first time. He notes that up to a million more people will be paying the higher rate of 40% rather than 20%, which is particularly damaging for areas like North Bedfordshire where many people are in work.
“Nine out of every ten pounds raised in extra income tax is going on increasing welfare expenses. That’s the wrong choice. We should be cutting public spending to create space for tax cuts that drive growth and reduce the national deficit. The Chancellor has done none of that.”
Richard also expressed disappointment that the budget offered nothing for farmers or small businesses, citing the lack of action on agricultural property relief and business property relief. He called the Chancellor’s previous decisions “hugely damaging” to agriculture in North Bedfordshire.
Richard commented:
“The Chancellor has broken her promise from last year not to raise taxes and she’s come back again this year for more.”
