Craig Williams MP has welcomed today’s Autumn Statement by the Chancellor of the Exchequer, which focusses on growth and recovery.
Today’s Autumn Statement announcement marks a major moment as the UK economy changes gear in focusing on how to drive growth in the decade ahead. This will see the biggest package of tax cuts to be implemented at a fiscal event since the 1980s, whilst halving inflation and reducing borrowing.
Headline announcements in today’s Statement include:
- Cut taxes for 27million working people from January by cutting the main rate of National Insurance Contributions (NICs) from 12% to 10%.
- Boost the National Living Wage to record levels of £11.44 an hour – a 9.8% increase benefiting 2.7million workers.
- Boosting State Pensions by 8.5%, retaining the Triple Lock.
- Cut and simplify tax for the self-employed, abolishing an entire class of NICs and cutting the rate of the NICs top rate from 9% to 8%
- Cut business taxes by £11billion and cut business rates by freezing the small business multiplier, saving an average shop £1,650 and extending the Retail Hospitality and Leisure Relief for a year.
- Increase all working age benefits in full by 6.7%, boosting benefit payments for around 5.5 million households who receive Universal Credit – by an average of £470 a year.
- Provide support with the cost of living with further Cost of Living Payments this year, helping more than 8 million UK households on eligible means-tested-benefits, 8 million pensioner households and 6 million people across the UK on eligible disability benefits.
- Freeze alcohol duty, alleviating pressure on the hospitality sector.
The package also focusses on reducing the UK’s debt and inflation further, as well as getting people into work by reforming welfare and toughening up work requirements.
Welcoming the Chancellor’s Autumn Statement, Craig Williams MP said:
“Today’s Autumn Statement is welcome news for Montgomeryshire residents and businesses, allowing us to focus on the recovery and growth of the economy, whilst simultaneously delivering £20billion of annual tax cuts – the biggest package of tax cuts since the 1980s.
“Back in January this year, the Prime Minister set out his economic priorities for the Government; To halve inflation, grow the economy, and reduce debt. Since January, inflation has halved; the economy has recovered more quickly from the pandemic than originally forecast, and debt is on track to fall.
“This economic stability has allowed the Chancellor to focus today on further strengthening our economy, reducing debt, cutting taxes and rewarding hard work.”
