Richard has welcomed the government’s Budget for people across North East Bedfordshire. In a video message, Richard described the budget as "very reassuring". The video summarising Richard's thoughts can be watched at https://youtu.be/VXcQ9NClTMo?si=7AuYN4O2tZeBM8g2.
Inflation has fallen from 11.1. per cent to 4.0 per cent, which means the government has been able to cut taxes for more people and businesses.
The Chancellor 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 working family with two earners on the average income of £35,400 each, will be better off by £1,827 a year.
Cutting National Insurance is the fairest and most effective way to incentivise work and drive growth, whilst also reducing the overall tax burden. The government will also cut National Insurance for the self-employed, delivering a combined tax cut worth £650 for the average earnings of £28,000 a year.
The Budget also confirmed small businesses will pay less VAT and alcohol and fuel duty will be frozen, keeping costs low for businesses and drivers.
To further support economic growth, half a million families will gain an average of £1,260 a year towards the cost of their childcare costs. This is thanks to a rise in the threshold for the High-Income Child Benefit Charge, rewarding hardworking parents who want to take up more work.
These measures build on significant cost of living support including £900 cost of living payments for eight million families, a record boost to the National Living Wage and the increase of the State Pension and working age benefits.
This Budget builds on the Conservatives' work to deliver a brighter future 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.
Commenting, Richard Fuller MP said:
This is a reassuring budget as part of the Chancellor's long term economic plan for growth.
There was some good news in that inflation has come down more rapidly than the OBR had forecast and that mortgages will come down, which has given some leeway on public expenditure.
There was good emphasis on trying to get productivity improvements, particularly in the NHS and at the core the Chancellor is trying to emphasise that work needs to pay so there are welcome cuts to National Insurance and welcome changes to some of the anomalies in the Child Benefit system.
I would like to see the Chancellor go further but this is a good, reassuring start.
