The 2018 Budget

The 2018 Autumn Budget was a good one for Cornwall.
I thought you might like to see some of the highlights from the Chancellor’s statement.
The Chancellor committed to:

  • Increasing the National Living Wage by nearly 5 per cent, from £7.83 to £8.21.
  • Fulfilling the Government’s promise to cut income tax one year early, so people keep more of what they earn. Raising the Personal Allowance to £12,500 and Higher Rate Threshold to £50,000 one year early, saving a typical basic rate taxpayer £130 compared to 2018-19 and £1,205 compared to 2010-11.
  • Investing an additional £1.7 billion per year to benefit working families on Universal Credit. Increasing the work allowance – the money families can earn before losing benefits – by £1,000, worth £630 per year to those households.
  • Freezing fuel duty for the ninth year, saving the average car driver a cumulative £1,000.
  • Freezing beer, cider and spirits duty for another year, supporting patrons of the Great British pub and saving people 2p on a pint of beer and 30p on a bottle of Scotch or gin.
  • Funding the Prime Minister’s NHS commitment.  Fully-funding the cash settlement that was set out in June – which equates to £20.5 billion more in real terms by 2023-24, and an average real growth rate in the NHS’s budget of 3.4 per cent a year.
  • £2 billion more per year for mental health. The long-term plan for the NHS will commit further funding to help achieve parity of esteem between mental and physical health services. It means anyone experiencing a crisis can call NHS 111 24/7, more mental health ambulances, increased community support and comprehensive support at every major A&E by 2024. 
  • £200 million for full fibre broadband rollout. This will be used to pilot new approaches to fibre rollout in rural areas, starting in primary schools.
  • £650 million more for social care next year. Councils will receive additional grant funding of £650 million for social care, building on the £240 million for winter pressures this year announced in October.
  • £420 million for potholes. £420 million made available immediately to help tackle potholes, bridge repairs and other minor works.
  • £900 million to cut business rates by one third for two years. This is for retailers with rateable value of under £51,000, saving up to 90 per cent of all shops up to £8,000 each year, and building on previous reductions worth more than £12.5 billion. 100 per cent relief for public toilets, benefiting many town and parish councils, something which I have been campaigning for since before I became an MP. 

I spoke in the Budget Debate on some of the positive announcements contained in Budget  statement, as well as highlighting some Mid-Cornwall projects that it is important the Government supports.

To see my contribution to the debate, click here

This was a good Budget for Mid-Cornwall and I now look forward to working to ensure we get our fair share of the national funds that have been announced.