I was pleased by the Chancellor's Jeremy Hunt Autumn Statement announcement last Wednesday including major packages for pensioners, the self-employed, those on Universal Credit as well green energy investment to ensure a clean, green future.
In his statement the Chancellor, the Rt. Hon Jeremy Hunt set out the Government's tax and spending priorities for the year ahead.
First employee national insurance is being cut by 2% to 10% — savings hundreds of pounds a year for the average worker. Also, from January the Government are cutting national insurance for the self-employed — saving the likes of plumbers, delivery drivers and farmers hundreds of pounds a year as well. The Living Wage has seen the biggest ever cash increase — and will rise to £11.44 an hour from £10.42 and the pensions triple lock is staying, and state pension will rise by 8.5% Moreover benefits are going up by 6.7% — good news for millions of households.
The Chancellor also announced the continued freeze on all alcohol duty and increasing the housing allowance - all measures to help with the cost of living.
Delivering on one of the Prime Minister’s 5 priorities, inflation is falling, and is now half of what it was at its peak last year. For businesses, the decision to extend freezing rates and the 75% discount for retail and hospitality for another year will support jobs and livelihoods within our pubs and high street shops in areas like Shoreham and Lancing.
I really welcome these measures — they will help those who need it and encourage a dynamic economy that rewards effort and work.
Importantly, we can now begin to lower taxes because we are in a much better place — we avoided a predicted recession this year; inflation is falling; and both debt and borrowing are lower than the forecasts said.