Parliament has returned this week after the Christmas Recess. Last week it was good to be working in Cornwall, including continuing to deliver my annual update to properties, as well as my specific update to park home owners about some of the work I have been doing on their behalf.
2023 was dominated by the cost of living pressures that we
have been experiencing due to Putin’s war in Ukraine. This and needing to pay
for the support the Government provided during the pandemic, as well as
reducing the backlog on NHS services caused by the pandemic, has meant the
Government has had to make difficult decisions on raising taxes during this
challenging time in order to balance the books. As we look ahead through 2024,
there are encouraging signs on the horizon when it comes easing these cost of
living pressures.
November’s figures showed that the Chancellor’s shrewd and
careful management of the country’s finances over the past year has meant that
inflation has fallen to 3.9% meaning the Prime Minister met his target of
halving inflation in the course of 2023. This means that prices are rising more
slowly now than at any time in the past two years. We are actually seeing drops
in the prices of petrol, and lower inflation will enable the Bank of England to
reduce interest rates which will mean good news for mortgage payments.
This weekend, there was more good news, as 27 million people
will get a tax cut, as the main rate of employee National Insurance will be cut
by two percentage points, from 12% to 10%.
This reduces National Insurance by more than 15%, saving
£450 this year for the average salaried worker on £35,400.
Millions of people working different jobs across hundreds of
industries will now be better off. An average full-time nurse will save £520, a
typical junior doctor £750 and an average teacher £630.
Along with the increases in the state pension and benefits
as well as the rise in the national living wage and tax cuts for the self
employed, all due to come into effect in the coming months, just about everyone
will see more money in their bank accounts which I am sure will be very
welcome.
The Chancellor has made it clear that this is only the start
of proposed tax cuts. In the next couple of months we will see the annual
Budget Statement and I will certainly be making the case for more tax cuts, to
help hard-working people, whilst also ensuring they are measured and balanced
with the need to keep on top of public spending.
It has undoubtedly been a very difficult time for households
and businesses across our constituency. But all the signs are that this coming
year will continue to see things improve.
As ever, if I can be of assistance on any matter, my office
is available for any constituents needing help, advice or guidance – tel: 01726
829379 or email: office@stevedouble.org.uk
