Basingstoke MP welcomes measures to boost economic growth and reduce taxes for residents
Following directly on from Government announcements on measures to tackle energy bills and the cost of living, the Chancellor gave a Fiscal Statement on Friday, which focussed on economic growth and tax cuts.
Maria said: “I am glad to see that the Government is taking steps to boost investment in our economy and put more money back in the people’s pockets.
It is absolutely right that the Government has taken steps to address the rising cost of energy. However, tackling the current crisis, caused by Putin’s war in Ukraine, requires a multi-faceted approached. That is why it is most welcome to see the new Prime Minister and Chancellor setting out a bold agenda to ramp up the UK’s economic productivity, investment and growth, that will benefit Basingstoke residents and our local businesses.”
Notes to Editors
Government measures announced include:
A cut in the basic rate of income tax to 19% from April 2023, giving £170 a year more to an estimated 31 million people.
Streamlining the higher rate of income tax into a single bracket of 40% from April 2023.
The Energy Price Guarantee, which will save the typical household £1,000 a year on their energy bill, and the Energy Bill Relief Scheme halving the cost of business energy bills. This will help to reduce inflation by an estimated 5%.
Jobseekers over 50 to be given extra time with work coaches to help them return to job market.
Cancelled increases in alcohol duties, and support for small breweries.
Cuts in Stamp Duty and increasing thresholds for first time buyers. These measures will help people on all levels of the property market and lift 200,000 homebuyers every year out of paying the tax altogether.
Plans to establish 38 local Investment Zones across England, with advantageous tax cuts, business rate exemptions and stamp duty waivers to boost economic activity.
Full details of the Chancellor's statement can be found on the gov.uk website:
