- Jane Hunt MP has welcomed news that Loughborough constituency residents will benefit from the long-term decisions taken by the Conservative Government at the Autumn Statement for Growth.
- The Autumn Statement cuts people’s National Insurance contributions, delivers a £11 billion business tax cut, cuts business rates for small business and gets more people into work by reforming welfare.
- This Autumn Statement takes the long-term decisions to reduce debt, cut taxes, reward hard work and back British business – making people and businesses better off.
Jane Hunt MP has welcomed the Conservative Government’s Autumn Statement for Growth, setting out how the Government will drive growth in the decade ahead, while ensuring borrowing lowers and inflation continues to fall.
With inflation falling, and global economic conditions stabilising, the Conservative Government are now able to take the long-term decisions required to strengthen the economy and build a brighter future for people in the Loughborough constituency.
To ensure work always pays, the Autumn Statement cuts National Insurance Contributions for 29 million people and reforms the welfare system to toughen up work requirements, ensuring those in the welfare system are incentivised to work.
To back businesses, the Chancellor announced that full expensing will be made permanent. That means business have their taxes cut every time they invest in the UK; this is a £11 billion a year tax cut. Businesses across the Loughborough constituency will also receive a cut in their business rates.
The Conservative Government are going further with the cost of living to support 1.6 million low-income families with an increase to their housing benefit and have announced that the National Living Wage will be boosted by the largest ever cash increase, ending low pay and ensuring hard work is rewarded.
The Autumn Statement for Growth also backs new technologies with a £4.5 billion advanced manufacturing fund and announces support for the East Midlands Freeport.
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.
Shortly after the Chancellor delivered his statement, Jane Hunt MP commented:
“The Autumn Statement for Growth is a result of the difficult decisions the Government has taken and the sacrifices that hardworking local residents have made to help get the economy back on track.”
“It is fantastic to see that these efforts have helped tackle the immediate pressures in the economy, with inflation having halved, the economy recovering quicker from the Covid-19 pandemic than first thought, and debt on track to fall. These efforts have also paved the way for tax cuts and business investment right across Loughborough.”
“I particularly welcomed the announcement of tax cuts for employed and self-employed workers, National Living Wage and Local Housing Allowance rate rises for those on low incomes, business rates cuts for over 14,800 East Midlands businesses, an extension to the window that Freeports Tax Relief can be claimed in the East Midlands Freeport, and a commitment to the Triple Lock, along with an 8.5% boost to pensions, to ensure dignity for those who have worked their entire lives.”
“This Statement contains the biggest package of tax cuts to be implemented at a fiscal event since the 1980s, while continuing work to lower borrowing and keep inflation falling, and demonstrates what a Conservative approach to economic growth looks like.”
