Julia Lopez MP has welcomed Autumn Statement 2023 – which includes a wide range of measures to promote growth, ensure that work pays, and continues to support households with the cost of living.
The Government has met its target of halving inflation and, with global economic conditions stabilising, is now able to take the long-term decisions required to strengthen the economy and build a brighter future.
That is why, at the Autumn Statement for Growth, the Chancellor announced from January 2024 Employee National Insurance will be cut from 12 per cent to 10 per cent, delivering a tax cut of £450 for the average worker earning £35,000. The Chancellor also announced the Government are cutting National Insurance for the Self Employed, with a total average saving of £340 a year.
Today’s tax cut means a senior nurse with five years of experience will receive an annual gain of £600; a typical police officer will receive an annual gain of over £630; a typical junior doctor will receive an annual gain of over £750 and a hard-working family with two earners on the average income will be £900 better off a year.
In addition to tax cuts, the Autumn Statement also included measures to help households with housing costs. The Chancellor has announced the Local Housing Allowance (LHA), which calculates housing benefits, will be raised, meaning 1.6 million families will be £800 better off in 2024-25.
Alongside the increase in Local Housing Allowance Rates, the Chancellor confirmed that Universal Credit will be uprated in April of next year by 6.7%, using the September figure of inflation, providing claimants an average increase of £470. The Government has honoured our commitment to the pension triple-lock with an 8.5% increase to the New State Pension in April, an increase worth up to £900 a year.
To back business, the Government have announced full expensing will be made permanent. That means businesses have their taxes cut every time they invest in the UK; this is a £11 billion a year tax cut. The Government have also backed new technologies with a £4.5 billion advanced manufacturing fund and announces new Investment Zones – backing business and supporting new jobs.
Businesses across Hornchurch and Upminster will also welcome a cut to their business rates with the freezing of the small business multiplier and the extension of the Retail, Hospitality and Leisure relief. Pubs will also welcome the freezing of all alcohol duty until August 2024.
Commenting, Julia Lopez MP said:
“The Prime Minister made a promise to people that taxes would be cut when inflation was falling and that is what this Conservative Government has delivered.
“4.3 million people across London will have their taxes cut by an average of £382 a year thanks to the decisions taken with Conservative Government’s Autumn Statement for Growth.
“This means people get to keep more of their hard-earned money, ensuring work always pays under a Conservative Government.”
