This week, the Chancellor of the Exchequer the Rt. Hon. Jeremy Hunt MP delivered the Autumn Statement to the House of Commons. The statement outlined the Government’s fiscal plans before the next General Election. The statement centred around reducing debt, cutting taxes and reducing work, and backing British business.
Trudy Harrison MP welcomes the measures announced in the Autumn Statement that will get the British economy growing. The Government announced a cut to National Insurance from 12 per cent to 10 per cent, in Copeland just over 30,000 people in full or part time employment will benefit from the measures. National Living Wage will increase by 9.8% up to £11.44 per hour, this means people who earn the National Living Wage will see their pay increase by over £1,800.
The Government announced measures to support the most vulnerable in society with a 6.7 per cent boost to Universal Credit, 1,070 people across Copeland who claim Universal Credit will receive an average £470 more a year. The Triple Lock will be raised by 8.5 per cent, supporting for 17,780 pensioners that live in Copeland.
Alcohol duty was frozen until August 2023, which will provide a much-needed boost for the 80 pubs across Copeland, and the thriving hospitality and tourism industry in the constituency.
The Statement included extensive measures to support businesses, the Government is cutting business taxes by£11billion. The Government has made Full Expensing permanent, allowing support investment in assets, by rewarding the businesses in Copeland that invest the most with lower taxes. Full expensing will boost overall business investment by almost £3bn a year and drive the long-run growth potential of the economy.
Small businesses across Copeland will benefit from a freeze in the business rates multiplier for the fourth year and an extension to the Retail, Hospital and Leisure (RHL) relief means 540 businesses across Copeland will receive support.
Trudy Harrison MP, said:
“I welcome the measures announced by the Chancellor in the Autumn Statement, this Conservative Government has announced a statement that is a statement for Growth.
“Following the turbulence of the last few years caused by the COVID-19 pandemic and Putin’s illegal war in Ukraine this Conservative Government has set forth fiscal policies that will boost businesses, grow the economy, and reward those who work the hardest.”
ENDS
Notes to editors:
- The full budget can be found on the HM Treasury website.
- The full speech from the Chancellor can be found on the HM Treasury website.
- Image credits, ANADOLU via Getty Images
