I am pleased that the Chancellor has announced a comprehensive ‘Budget for Growth’, to help deliver on the Prime Minister’s promise to tackle inflation and to rightfully keep our economy out of recession, while continuing to assist families who need it.
Amongst his many announcements, the Chancellor importantly confirmed that the Energy Price Guarantee will be extended for a further three months at the £2,500 level, recognising that instability remains around global energy prices, along with a £63 million fund to keep our vital community leisure centres afloat, with a further £100 million being made available for our community centres amid high costs - all issues raised with me locally over recent weeks, with understandable calls for action. He has done just that.
Other key announcements include further draught relief for pubs; fuel duty will remain frozen, saving the average driver around £200; a defence budget of over £11 billion and Corporation Tax will be increased to 25 percent, but there is a £25 billion three-year tax cut for business investment.
Meanwhile, I’m pleased to outline that there will be reforms aimed at helping disabled people and those with health conditions into work - work I've been leading in Government, and will say more about separately - but which includes structural reform of the benefits system, including the abolition of the Work Capability Assessment, and wider moves to remove work disincentives and barriers to opportunity, along with funding for mental and physical health support schemes in order to help facilitate work opportunities. What we will see in future is a much stronger, common sense link, which recognises that work is a key determinant of better health outcomes for many people, whilst continuing to have the strong safety net in place, which is a mark of any civilised society.
The Chancellor has also announced that the lifetime allowance limit on pensions will be abolished, facilitating the retention of skills and experience in our key public services, including the NHS, while funding for nurseries offering free childcare will increase from £204 million in September to £288 million next year. As part of the childcare announcement, we are extending 30 hours of childcare a week to working parents of children aged between 9 months and 4 years. This is real practical support which will no doubt benefit many local families.
There really is much to welcome here and it is right that we prioritise halving inflation, getting debt down and growing the economy - a balance this package effectively strikes. To read the Budget announcements in full, please see https://tinyurl.com/bddv6829