I greatly welcome the Conservative Government’s Spring Budget for people across Mid Sussex, which ‘sticks to the plan’ - because it’s working and it’s vital we don’t go back to square one. We have turned a corner it’s time to move forward positively. This is uniting further all sectors , areas and communities. After difficult times exactly the tonic we needed.
By sticking to the plan with the economy, inflation has fallen from 11.1. per cent to 4.0 per cent. That means the Conservative Government have been able to cut taxes for more people and businesses.
National Insurance will be cut again, so combined with the cut at the Autumn Statement, this equates to a tax cut of over £900 for the average worker earning £35,400 – giving the average earner the lowest effective personal tax rate since 1975.
Yesterday’s Budget also confirmed small businesses will pay less VAT and alcohol and fuel duty will be frozen, keeping costs low for businesses and drivers.
To further support economic growth, the Conservatives confirmed that half a million families will gain an average of £1,260 a year towards the cost of their childcare costs. This is thanks to a rise in the threshold for the High-Income Child Benefit Charge, rewarding hardworking parents who want to take up more work.
This Budget builds on the Conservatives’ work to deliver a brighter future for Britain, with long-term economic security and opportunity: where hard work is always rewarded; where ambition and aspiration are celebrated; where young people get the skills they need to succeed in life; where families are supported, where those who have worked hard all their lives have the dignity they deserve in retirement; and, with security at home and abroad.
I am pleased the focus has been on cutting the taxes that will then help to grow the economy for hardworking business owners and families continuing to drive down inflation to help with the cost of living and supporting the public services we all rely on.
Alongside these tax cuts there has been a focus on funding for those on low incomes, by extending the Household Support Fund, which as a DWP Minister I have directly been involved with, and for the NHS.
The full budget statement can be read here: https://www.gov.uk/.../spring.../spring-budget-2024-html