Last week the Chancellor Jeremy Hunt announced his Autumn Statement as the country continues to face significantly difficult times due to the cost of the COVID-19 pandemic and Putin’s illegal war in Ukraine.
Despite the difficult
waters we are having to navigate, I was pleased to see the Chancellor’s
statement include many positive announcements, including protecting the State
Pension Triple Lock, confirming that benefits will be increased in line with
inflation and the extension of the Energy Price Guarantee for a further 12
months as well as significant support for businesses.
The government have had
to make some tough, but fair decisions to tackle inflation, balance the books
and get debt falling. It is important that we get a grip on inflation as this
is ultimately what makes everyone poorer. If we don’t act now, the country
risks it dragging on for longer.
The Office for Budget Responsibility
has made it clear that global
factors are the primary cause of current
inflation and expect the measures announced by the
Chancellor to reduce this. The Bank of England also confirmed that it expects
the package to keep interest rates lower for borrowers and mortgage holders,
which is welcome news.
Nevertheless, I know that
we all face very difficult times ahead and that is why I am pleased to see the
government continuing to stand by those who are most vulnerable.
I was pleased to hear the
Chancellor confirm that we will be keeping the State Pension triple
lock. This means that in April next year, the State Pension will increase in
line with inflation, which is the biggest annual cash increase in the State
Pension ever. Millions of pensioners will now
see an up to £870 rise in their State Pension payments and are guaranteed a pay
rise every year.
This is something that concerned many of my
constituents and from the start I made it very clear to the government that
they should keep the promise made in our 2019 manifesto, so this is great news.
The government is also increasing benefits in
line with inflation to protect the vulnerable. More than 10 million households
in receipt of working-age and disability benefits will now see a much-needed
increase. The average uplift for households Universal Credit will be around
£600. I know many families are struggling and this will help to support them.
The National Living Wage is also going up, which
will help millions of the lowest paid workers. From 1 April 2023, the National
Living Wage will increase to £10.42 an hour for workers, which represents an
increase of over £1,600 to the annual earnings of a full-time worker. This is
the largest increase in the UK’s National Living Wage ever and shows this
government is committed to helping and supporting those who need it the
most.
Putin’s weaponization of
our energy has driven up our prices. The cost our country has incurred as a
result is enough to have funded a second NHS. That is why the government is
taking action to ensure we can become energy independent in the future. However,
until that is possible, I am pleased to see the Chancellor commit to protecting
all households across the country by extending the Energy Price Guarantee for
another 12 months from April. This will save people another £500 and there will also be
more funding for the Household Support Fund to help vulnerable
households.
The Government is also acting to help businesses with an almost £14 billion business rate support
package over the next five years, including an extended and increased relief
for retail, hospitality and leisure businesses worth almost £2.1 billion.
The relief scheme will increase
from 50% to 75%, benefitting thousands of local pubs, restaurants
and small high street shops in the constituency.
It is
also good to see billions of pounds more funding due to be invested into our
NHS and education system, to ensure people can get the start they need and
access to top quality healthcare.
I acknowledge that these are tough
times, but hopefully the decisive action this government takes now will see us
through them as quickly as possible. As the Chancellor said: "There may be a recession made in Russia but there is
a recovery made in Britain.”
If I can be of assistance on any
matter, my
office is available for any constituents needing help, advice or guidance –
tel. 01726 829379, email – office@stevedouble.org.uk
