The Chancellor Jeremy Hunt has delivered a strong Budget which will build a stronger economy and deliver a brighter future for families in St Austell and Newquay
Prudent and sensible management of the economy by the Chancellor has seen inflation fall from 11.1. per cent to 4.0 per cent. That means the Conservative Government have been able to cut taxes for more people and businesses in St Austell and Newquay.
The Conservative Government 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 – giving the average earner the lowest effective personal tax rate since 1975.
The Budget also confirmed an increase in the VAT threshold for small businesses and alcohol and fuel duty will be frozen, keeping costs low for businesses and drivers.
To further support economic growth, the Conservatives confirmed that 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.
This Budget builds on the Conservatives work to deliver a brighter future for Britain, with long-term economic security and opportunity: 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, St Austell and Newquay’s Member of Parliament Steve Double said:
“I believe most people recognise the challenges the country has faced in recent years following the COVID pandemic and the energy price spike as a result of the war in Ukraine. The Government has spent hundreds of billions of pounds supporting households and businesses through these tough times. Of course, this money has to be found, and this was the backdrop to this year’s Budget.”
“I welcome the Chancellor’s Budget Statement, more sensible management to help guide our country and economy through challenging times. That we are able to deliver a Budget like this shows the Prime Minister’s plan is working, and that we need to stick to the plan. With inflation down from 11.1 per cent to 4.0 per cent and wages growing, I am pleased the Conservative Government are focussing on cutting the taxes that help to grow the economy.”
“This Budget cuts taxes for hardworking business owners and families across St Austell and Newquay continues to drive down inflation to help with the cost of living and supports the public services we all rely on.”
As well as the big headlines from the Budget I am also pleased to see my campaign to reform the taxes paid by holiday let owners pay off. This will encourage holiday let owners to instead let their properties to local families, all year round. I look forward to working with the Chancellor’s team on the detail of how this will be implemented.”
“It is also good to see the Chancellor recognise times are still tough, and in doing, extend the Household Support Fund for another six months, as well as people who need to claim Universal Credit being given more time to payback emergency budgeting advance loans.”
“This progress is thanks to the long-term decisions the Conservatives have taken to stick to the plan and strengthen the economy, helping to secure a brighter future for families across the country.”
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
“Because the Conservatives are sticking to the plan with the economy inflation is down from 11.1 per cent to 4.0 per cent, meaning we can cut taxes and put more money in people’s pockets to grow the economy.”
“Our Budget cuts taxes to reward work, supports small businesses and helps more parents with the cost of childcare to grow the economy and fund public services.”
“By sticking to the plan, the Conservatives will deliver a stronger economy to build a brighter future. Labour cannot say what they would do with the economy because they do not have a plan and would take us back to square one.”