Stuart Anderson has welcomed the Autumn Statement for Growth, which was unveiled by the Chancellor Jeremy Hunt on Wednesday 22nd November. It sets out a raft of changes to turbo-charge economic growth by unlocking investment, cutting taxes, and reforming public services, while continuing to bring down inflation. Stuart has backed the plans, which he says will "back British businesses, drive economic growth, and make work pay."
Stuart said that he was “delighted” with the decision to cut National Insurance Contributions from 12% to 10% for 27 million people from January - ensuring workers get to keep more of the money that they earn. This represents a £450 tax cut for the average worker earning £34,500. Stuart also welcomed the biggest-ever increase to the National Living Wage.. The minimum hourly rate will rise from £10.42 to £11.44 next April, with the age threshold lowered from 23 to 21 years old. It means that the Government will have met its aim to end low hourly pay for eligible workers. Increases to both National Living Wage and National Minimum Wage rates will benefit nearly three million workers. The State Pension and Pension Credit will also increase by 8.5% (by up to £900 more), while Universal Credit and other benefits are increased by 6.7% - an average increase of £470. The current freeze on alcohol duty on beer, wine and spirits will also continue next year.
In addition, Stuart welcomed support for businesses investing in equipment and technology, which will continue to benefit from the Full Expensing Scheme, since it has now been made permanent – meaning their tax will be cut by up to 25p for every £1 spent. £50 million will be invested to boost training in growth sectors and address barriers to high value apprenticeships. Stuart also endorsed the decision to extend the 75% business rates relief for retail, hospitality and leisure until 2025 – helping over 20,300 businesses across the region and saving the average independent pub over £12,800. Support for the self-employed includes abolishing an entire class of NICs and cutting the rate of the NICs top rate from 9% to 8% – with an average total saving of around £350 for someone earning £28,000 a year. These measures are expected to bring £20 billion annually of investment into the UK economy.
As a veteran, Stuart also welcomed £10 million mental health support for troops returning to civilian life through the Veterans People Pathway Programme, while extending their exemption from National Insurance contributions. The Budget also includes a new £2.5 billion ‘Back to Work Plan’, which will expand employment support to get more people in work by boosting four key programmes – NHS Talking Therapies, Individual Placement and Support, Restart, and Universal Support – to benefit up to 1.1 million people over the next five years and help those with mental or physical health conditions to stay in or find work.
Stuart Anderson said: “I am delighted to welcome the measures set out in the Chancellor’s Autumn Statement for Growth, which will deliver increased support for workers, pensioners, and the most vulnerable. These changes put us on a clear path to reducing the tax burden for hard-working people - while delivering more growth, jobs, and opportunities which will especially benefit regions such as Shropshire, where workers will benefit from the cut in National Insurance Contributions from January. This is an integral part of the Government’s central mission to back British businesses, drive economic growth, and make work pay. It will secure the country’s future prosperity and create a brighter future for all.”
