Last week the Chancellor
set out his mini budget, which I was
pleased to see will give people
more money in their pockets at this difficult time and allow our economy the
room it needs to recover.
The
Growth Plan will tackle energy costs to bring down inflation, back business and
help households through a range of measures, which include
cutting average household energy bills by £1,400
this year.
We are living in
extraordinary times and it is clear that the cost of living increases that we
have seen, brought about by Putin’s illegal war on Ukraine, require an
unprecedented response from the Government.
I am glad to see the new
Chancellor taking swift action to address the areas of concern around the cost
of living that myself and other MPs have raised, and I will continue to do all
I can to ensure the Government hears the voice of Mid-Cornwall to ensure no one
struggles through the winter months.
As part of the Chancellor’s
Growth Plan, there was further good news for the constituency as a number of
potential Investment Zones were announced, including Cornwall Airport Newquay.
Investment Zones will play a crucial role in driving growth across the UK by
lowering taxes and liberalising planning frameworks to encourage rapid
development and business investment.
Cornwall Airport Newquay is
a vital and growing part of Cornwall’s infrastructure. The announcement from
the Chancellor confirms the potential the Government sees in the airport and I
am pleased to see the Conservative Administration at Cornwall Council working
with the Government to realise this.
This very welcome
development will build on the existing enterprise zone status of the airport
and provide prospective businesses looking to invest in the area incentives to
do so.
Cornwall Airport Newquay joins
a number of other sites in Cornwall that could benefit from this status
including lower taxes – businesses in designated sites will benefit from
time-limited tax benefits, and accelerated development.
However, this announcement
is not only fantastic news for the airport, but the wider constituency. I am
currently working with the Government and Cornwall Council to look to extend
the Investment Zone to ensure it includes other opportunities in Mid-Cornwall,
such as lithium extraction. It is exciting to see the
progress being made towards full-scale, sustainable lithium production right
here in the constituency and the potential to create a much greener future for
us all.
Businesses in designated
areas in investment zones will benefit from 100% business rates relief on newly
occupied and expanded premises. Local authorities hosting Investment Zones will
receive 100% of the business rates growth above an agreed baseline in
designated sites for 25 years.
In addition, businesses
will receive full stamp duty land tax relief on land bought for commercial and
a zero rate for Employer National Insurance contributions on new employee
earnings up to £50,270 per year.
I look forward to seeing
more details on these exciting proposals and working with all concerned to help
continue the growth of Cornwall Airport Newquay and potentially the wider area.
As
ever, my office is available for any constituents needing help, advice or
guidance. Please do get in touch if I can help – tel. 01726 829379, email – office@stevedouble.org.uk
ENDS
