Rebecca Harris has welcomed today’s Spring Budget, saying ‘stick to the plan’ to cut taxes for working people and support businesses in Castle Point.
Our plan is working inflation has fallen, the economy has performed better than forecast, wages are rising, mortgage rates are starting to come down, the economy has outperformed European neighbours and debt is on track to fall as a share of the economy; thanks to that progress we have been able to afford tax cuts. This Budget puts more money in people’s pockets and rewards hard work, meaning more security in family finances. inflation has fallen from 11.1% to 4.0% - That means the Conservative Government have been able to cut taxes for more people and businesses in Castle Point.
The Conservative Government announced National Insurance will be cut again. Combined with the cut at the Autumn Statement, that is a tax cut of over £900 for the average worker earning £35,400– giving the average earner the lowest effective personal tax rate since 1975. It means a hard-working family with two earners on the average income of £35,400 each, in Castle Point, will be better off by £1,827 a year.
The Budget also confirmed small businesses will pay less VAT and alcohol and fuel duty will be frozen, keeping costs low for businesses and drivers.
To further support economic growth, the Conservatives confirmed that half a million families will gain an average of £1,260 a year towards the cost of their childcare costs. This is thanks to a rise in the threshold for the High-Income Child Benefit Charge, rewarding hardworking parents who want to take up more work.
This Budget builds on the Conservatives work to deliver a brighter future for Britain, with long-term economic security and opportunity: where hard work is always rewarded; where ambition and aspiration are celebrated; where young people get the skills they need to succeed in life; where families are supported, where those who have worked hard all their lives have the dignity they deserve in retirement; and, with security at home and abroad.
Commenting, Rebecca Harris said: “This Conservative Government's plan is working. We must stick to the plan. With inflation down from 11.1% to 4% and wages growing, I am pleased the Conservatives are focussing on cutting the taxes that help to grow the economy. This Budget cuts taxes for hardworking business owners and families across Castle Point, continues to drive down inflation to help with the cost of living and supports the public services we all rely on. This progress is thanks to the long-term decisions the Conservatives have taken to strengthen the economy, helping to secure a brighter future for families across the country.”
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said: “Because the Conservatives are sticking to the plan with the economy inflation is down from 11.1% to 4.0%, meaning we can cut taxes and put more money in people’s pockets to grow the economy. Our Budget cuts taxes to reward work, supports small businesses and helps more parents with the cost of childcare to grow the economy and fund public services. By sticking to the plan, the Conservatives will deliver a stronger economy to build a brighter future. Labour cannot say what they would do with the economy because they do not have a plan and would take us back to square one."
