Today in Parliament, Chancellor Rishi Sunak announced an ambitious and wide-ranging spring statement aimed at reducing the cost of living.
Lucy Allan MP has welcomed the measures included in the statement as they will directly help the people of Telford with the rising cost of living.
The headline measures include:
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A cut for nearly 30 million UK workers through rise in National Insurance thresholds – saving the typical employee over £330 in the year from this July.
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Fuel duty on petrol and diesel will be reduced by 5p per litre from 6pm today.
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There will be a £5 billion income tax cut from 2024, reducing the rate of income tax by a penny in the pound for 30 million workers.
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Spring Statement also sets out measures to boost investment, innovation, and growth – including a £1,000 increase to Employment Allowance to benefit around half a million small businesses.
This is in addition to extra funding for Telford & Wrekin Council:
- £150 cash rebate for homes in Council Tax Bands A-D, funded by central Government, assisting approximately 80% of all households in Telford.
- Doubling the Household Support Fund to £1 billion, allowing local authorities to support households most in need.
- Local residents across the UK will benefit from a fresh set of infrastructure projects as the Government opens the second round of the £4.8 billion Levelling Up Fund. It will continue to focus on regeneration, transport and cultural investments. Lucy encourages Telford & Wrekin Council to make a bid.
Welcoming the statement, Lucy Allan MP said:
This is a statement for working people and for those on low incomes. People in Telford will benefit from being taken out of tax and NICs altogether for the first £12,750 of their earnings, averaging a £330 tax cut right now, the cut in fuel duty is very welcome, and income tax cuts are due in 2024. It is clear this Chancellor wants to ensure that people keep more of the money they earn; the best way to grow the economy is to incentivise and reward work.
There is more money for those most in need, with the Council receiving extra discretionary spending to enable the Council to target spending at those local people most in need.
On 15th March I asked Treasury ministers for tax cuts on fuel and help with energy costs and joined colleagues in lobbying the Chancellor with a letter on 18th March. The Chancellor has listened to what MPs representing areas like Telford had to say and I am very grateful to him for prioritising low and middle income workers.
Chancellor of the Exchequer, Rishi Sunak MP, said:
It is only because this Conservative Government is taking the tough but responsible decisions that we can announce taxes are being cut and debt is falling.
Today’s new Tax Plan will help families with the cost of living, create the conditions for private sector-led growth, and share the proceeds of growth fairly.
We are delivering the biggest net cut to personal taxes in over a quarter of a century, and that is only possible because of the disciplined approach to public spending that only a Conservative government can provide.
