The Chancellor recently set out his new Budget, which saw a cut in taxes for working people and businesses.
Because the Conservative Government have stuck to the plan with the economy, inflation has fallen, the economy has performed better than forecast, wages are rising, mortgage rates are starting to come down, the economy has outperformed our European neighbours, and debt is on track to fall as a share of the economy.
Due to this progress, the Chancellor was able to announce a Budget that cut taxes for more people and businesses in Cannock Chase.
The Budget puts more money in people’s pockets and rewards hard work, meaning more security in family finances.
Specifically, the Chancellor announced that National Insurance will be cut again. Combined with the cut at the Autumn Statement, that is 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.
This means a hard-working family with two earners on an average income of £35,400 each will be better off by £1,827 a year.
The 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 Chancellor 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 Government’s work to deliver a brighter future for Britain, with long-term economic security and opportunity. A future 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 very much welcome the measures set out in the Budget which focus on cutting the taxes that help to grow the economy.
The progress that has been made is thanks to the long-term decisions the Conservative Government have taken to strengthen the economy, helping to secure a brighter future for families across the country, and here in Cannock Chase.
As always, if you need my help with anything at all, please do not hesitate to contact me via e-mail at [email protected] or by telephone on 01543 877 142.
