Pauline Jorgensen has welcomed measures in the Autumn Statement (22.11.23), the biggest package of tax cuts to be implemented at a fiscal event since the 1980s, which will leave Woodley and Earley residents better off.
The Conservative Government’s Autumn Statement takes long-term decisions to reduce debt, cut taxes, reward hard work and back businesses.
These measures include;
- Cutting National Insurance Contributions from 12 per cent to 10 per cent meaning a £450 tax cut for someone earning £35,000 a year.
- Cut and simplify tax for the self-employed.
- Boost for pensions, in line with our Triple Lock, by 8.5 per cent. The basic State Pension will be £3,750 higher than in 2010.
- Cut business taxes by £11 billion – the biggest business tax cut in modern British history by permanently enabling businesses to invest for less and offset investments against their tax bills.
- 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.
- Boost the National Living Wage to record levels: £11.44 an hour - a 9.8 per cent increase.
The Chancellor’s Autumn Statement follows a greater than expected fall in inflation which has halved over the last year.
To ensure work always pays under the Conservatives, the Autumn Statement cuts National Insurance Contributions and reforms the welfare system to toughen up work requirements, ensuring those in the welfare system are incentivised to work.
The Autumn Statement also included help for the most vulnerable such as cost of living to support for families with an increase to their housing benefit and have announced the National Living Wage will be boosted by the largest ever cash increase, ending low pay and ensuring hard work is rewarded.
The Conservative Government is making huge progress in tackling the long-term economic challenges facing the UK meaning a more dynamic economy that delivers prosperity across the United Kingdom.
Commenting, Pauline said:
“This Conservative Government is making progress in tackling the immediate pressures in the economy, such as reducing the rate of inflation to help people across Earley and Woodley with the cost of living.I am delighted that the Government has cut taxes, for businesses and people. These measures will mean more money in people’s pockets, and will boost the economy. A family with two earners, on average will, be £900 better off. Pensioners will also be better off with an 8.5 per cent increase in the state pension.
I know local businesses have been finding it tough, especially in our town centres where Wokingham Borough Liberal Democrat’s doubling of parking charges, which was supported by Labour councillors as well, are being felt. The cut in business rates for those small businesses is good news.We know that Labour plan to increase borrowing. Today’s Autumn Statement would not be possible under a Labour Government. Their plans for permanent increases in borrowing would see inflation spiral.”
