Craig Williams, Member of Parliament for Montgomeryshire, has welcomed today’s Budget announcement by the Chancellor of the Exchequer, stating that it will provide a stronger economy for Montgomeryshire and the UK.
Measures which were announced today by the Chancellor in his Autumn Budget & Spending Review speech include:
- Raising the National Living Wage – 6.6% increase to £9.50 - £1,000 pay rise to 2 million of the lowest paid in the UK
- Freezing Fuel Duty – 12th year in a row, representing a £1.5bn tax cut
- Cutting Beer Duty by 3 pence in a pint in pubs – New Draught Relief and Freezing Alcohol Duty altogether
- Cutting Business rates by 50% next year – This coincides with freezing all rates
- £2.4billion in farm support – Supporting the agriculture sector
- £16milllion for the Montgomery Canal – Reconnecting the canal to the national network will support the local economy and jobs
- Return to 0.7% of GDP for aid spending in 2024 – Maintaining the UK’s commitment to aid spending as public finances recover
Welcoming the measures, Craig Williams MP, who is Parliamentary Private Secretary to the Chancellor of the Exchequer, said:
“One year ago, the UK was in the grip of the biggest recession in 300 years due to the Covid-19 pandemic. Today the UK is recovering faster than our major competitors with more people in work and faster growth. Uncertainty within the global economy though means that recovery is now under threat. That is why I am pleased that today’s Budget & Spending Review will deliver a stronger economy by strengthening our public finances, ensuring debt is falling again, and rebuilding our resilience.
“This Budget will help working families meet the cost of living and support vulnerable households; support businesses with post-Brexit tax reforms, tax cuts and incentives to invest; deliver stronger public services, and drive economic growth by investing in infrastructure, innovation and skills.
“There are also a wide variety of spending commitments, with £150billion pumped into Government departments with focus on areas such as education, health, transport and the environment. With some of these areas being devolved, the Welsh Government will therefore receive additional funding as part of the Barnett Formula.
“Our recovery will be much quicker than initially expected, with the Budget forecasting the UK’s economy to return to pre-pandemic levels by January. However, it is important to recognise the huge amount of borrowing to support people during the pandemic. Debt has risen to 100% of the UK’s GDP, and that is why a new Charter for Budget Responsibility will commit the Government to reduce public sector debt as a percentage of GDP, and that Government should only borrow to invest in capital projects.
“I am very confident that this Budget will provide the foundations for a much-strengthened economy for Montgomeryshire, and the UK as a whole.”
