The Chancellor has today set out his Growth Plan, which will adopt a new approach for a new era focused on economic growth.
The Growth Plan will expand the supply side through tax cuts and reform, tackle the immediate energy crisis, remove barriers for business, and build the infrastructure we need to grow the British economy
Included in the announcements were:
- Confirmation the average household energy bill will be cut by £1,400 this year
- The Energy Bill Relief Scheme will discount wholesale gas and electricity prices for all businesses, charities, schools and hospitals. This will provide a price guarantee equivalent to what has been offered to households.
- Cutting the basic rate of income tax to 19p for 31 million people from April 2023.
- Cutting National Insurance Tax contributions by 1.25 per cent from 6th November, meaning the average worker keeps £330 a year more.
- Freezing alcohol duty for beer, cider, wine and spirits next year.
Commenting on the Growth Statement was St Austell and Newquay’s Member of Parliament Steve Double. He said:
“It is clear that the extraordinary cost of living circumstances that we have seen brought about by Putin’s war on Ukraine require an unprecedented response from the Government.”
“The Government has had this situation under constant review and I am pleased to see the new Chancellor swiftly taking action to address the areas of concern around cost of living increases that myself and other MPs have raised.”
“These measures give people more money in their pockets at this difficult time, and will allow our economy the room it needs to recover.”
“I will continue to do all I can to ensure the Government hears the voice of Mid-Cornwall as it continues to lead the response to the cost of living crisis.”