Craig Williams MP has welcomed the Chancellor of the Exchequer’s Autumn Statement which was made in the House of Commons today.
During his statement, the Chancellor, Rt Hon. Jeremy Hunt MP outlined his ‘tough but fair’ decisions to restore the UK’s economic stability and tackle rising inflation.
Craig has welcomed the fact that there would be no headline tax increases, and that public spending will be protected and maintained over the next two years at the levels previously set out in 2021.
The key policies within in the Autumn Statement were as follows:
- Public Spending maintained at the same level for the next two years, followed by an increase of 1% in real terms a year until 2027-28.
- Tax rises only affecting the highest earners. Only those earning more than £150,000 will pay £1,200 more tax per year. Taxes on the highest earners will raise £25 billion.
- Windfall Taxes on energy companies extended and increased by 10%.
- Increasing the National Living Wage by 9.7% to £10.42 an hour, equating to an annual increase of £1,600 for a full-time worker.
- Increasing funding for NHS and Schools by an extra £11 billion. In Wales, the Welsh Government will receive an extra £1.2 billion in Barnet Consequential payments.
- Extending the Energy Price Guarantee until April 2024, with £12 billion in extra support. This works out at £500 for every household on average.
- Heating Oil Support will double to £200
- Uprating benefits in line with inflation and maintaining the Triple lock. Pensions will go up in line with inflation.
- £600 Billion in capital investment over the next 5 years, protecting the Levelling Up Fund, R&D Funding and reforming the financial services sector.
Commenting, Craig Williams MP said:
“The Chancellor’s Autumn Statement is a fair and balanced financial plan, protecting the most vulnerable within our society by increasing benefits, wages and pensions. I was also very pleased that the Government will be maintaining the Energy Support Scheme and extending it to 2024. Tax rises will only impact the highest earners in our society, which I believe is a fair system of taxation.
“There have clearly had to be difficult decisions made, and the OBR have confirmed that plans to slow down spending and increase taxes in certain areas will restore public finances to a sustainable position and help reduce inflation and unemployment. The Chancellor’s plan has ensured this will be achieved, while prioritising extra investment into schools and the NHS – with Wales receiving extra funding from the UK Government. I therefore very much hope that the Welsh Government invests this money into our schools and health service, especially within rural Wales.
“Today’s Autumn Statement makes clear that we don’t have to choose between a strong economy or good public services - with a Conservative Government you get both.”
A Copy of the Autumn Statement can be accessed at https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118417/CCS1022065440-001_SECURE_HMT_Autumn_Statement_November_2022_Web_accessible__1_.pdf
