Warrington South MP Andy Carter has welcomed the announcements in the Chancellor's Autumn Statement, in which Jeremy Hunt outlined the UK's economic forecast and the fiscal measures he will take over the coming months.
With the recent fall in inflation to 4.6% meeting the Prime Minister’s commitment to halve inflation by the end of the year, the Chancellor confirmed that he had the headroom to deliver tax cuts for workers and businesses designed to encourage growth and investment.
The headline measures included the decision to cut National Insurance Contributions from 12 percent to 10 percent as soon as January, while the Triple Lock has been maintained meaning the state pension will increase by 8.5 percent, £3,750 higher than it was in 2010. Also announced was that taxes on business will be reduced by £11billion, the freeze in alcohol has been maintained and the National Living Wage is set to increase to £11.44 an hour.
Andy Carter MP said:
I welcome the Chancellor’s announcements today that will put more money in working people’s pockets. Inflation remains the biggest threat to living standards and the Autumn Statement reflects the importance of controlling inflation but at the same time brings welcome relief to families and businesses in Warrington South.
The Autumn Statement balanced sensible conservatism with building a stronger and more resilient economy. The National Insurance rate cut to 10 percent will mean a family with two average salaries will be around £900 better off each year. Businesses received the biggest permanent tax cut in modern British history through the permanent extension of Full Expensing to boost further investment, alongside a freeze in the business rate multiplier for small business for the fourth consecutive year. An extension to the Retail, Hospitality and Leisure relief meaning a typical pub in Warrington with a rateable value of £31,600 will get around £11,800 off their final business rates bill.
It’s right that we support those who’ve worked and paid tax their entire life so, I’m pleased to see the Chancellor confirm we will maintain the Triple Lock and uprate the basic rate pension, the new state pension and pension credit by 8.5 percent in April 2024. We’re also tackling the problem of long term sick in the UK and getting more people into work, increasing the National Living Wage to £11.44 an hour, and uprating all working age benefits above current inflation levels. This is in stark contrast to Labour’s reluctance to take long term decisions on the economy, and their £28billion borrowing commitment which will only drive inflation up and ensure interest rates spiral.