Rebecca Harris MP welcomes the Autumn Statement for Growth 2023 which 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 takes the long-term decisions to reduce debt, cut taxes, reward hard work and back British business – making people and businesses in Castle Point better off.
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. To ensure work always pays under the Conservatives, the Autumn Statement for Growth 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 business, the Conservative Government have announced full expensing will be made permanent. That means business have their taxes cut every time they invest in the UK; this is an £11 billion a year tax cut. Business will also welcome a huge cut to 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 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 new Investment Zones – backing business and supporting new jobs.
Commenting, Rebecca Harris MP said:
“I welcome this Conservative Government’s Autumn Statement. From maintaining the triple lock, providing further financial support to those on the lowest incomes and of course cutting National Insurance for hard working people across Castle Point, these measures will make a huge difference to residents. I am also pleased to be supporting the business rates support package which I know will make a huge difference for the companies in our area. Today’s Autumn Statement would not be possible under Labour; they will always take the easy way out with a reckless, permanent increase in borrowing that would see inflation spiral.”
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
“With inflation falling, and global economic conditions stabilising, we are now able to turn our attention to the long-term decisions required to strengthen our economy and build a brighter future. Our Autumn Statement for Growth takes those long-term decisions to reduce debt, cut tax, reward hard work and back British business right across the country. By doing so we are making huge progress so we can build a more dynamic economy that delivers prosperity across our United Kingdom.”
