Last week saw the Chancellor Jeremy Hunt give his Budget Statement, with a number of positive developments that will make things better for people in St Austell and Newquay.
I think that most people will recognise the significant and
unprecedented challenges that our country has faced in recent years following
the COVID pandemic, and then 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. It is a credit to
the Chancellor that he has been able to navigate the challenging times and
deliver a Budget that addresses these issues while also continues to provide
support and relief where possible.
That the Chancellor has been able to take the positive steps
that he took in last week’s Budget is also testimony to his sensible management
of our country’s finances over the past year. to help guide our country and economy through
challenging times. Inflation is down from 11.1% to 4.0% and wages are growing.
This has allowed the Chancellor, in his Budget, to cut taxes
for 27 million working people from April, by again cutting the main rate of
employee National Insurance Contributions from 10% to 8%. Combined with the cut
at the Autumn Statement, this gives the average earner the lowest effective
personal tax rate since 1975.
As well as this, the Chancellor has cut taxes for 2million
self-employed people, by cutting the main rate of Class 4 National Insurance
Contributions from 9% to 6%.
The Chancellor has also announced support for half a million
families through reforms to the High Income Child Benefit Charge by raising the
threshold and halving the rate at which Child Benefit is withdrawn, benefiting
some parents by an average of £1,260.
The Chancellor has also frozen alcohol duty, easing pressure
on the hospitality sector, as well as maintaining the five pence cut to fuel
duty and freeze rates for the fourteenth consecutive year, helping keep
motoring costs down – a £3.1 billion tax cut for drivers.
It is also good to see the Chancellor recognise times are
still tough, and in doing so, extend the Household Support Fund for another six
months, as well as assisting people who need to claim Universal Credit by giving
them more time to payback emergency budgeting advance loans.
As well as the headline announcements from the Budget I was
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 to ensure it
does not penalise anyone unfairly.
There is plenty more to do, but as we move into Spring, it
is good to be doing so with a positive Budget behind as a sound foundation for
the future.
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
