Julie Marson, Member of Parliament for Hertford and Stortford, has today heralded the Chancellor’s Autumn Statement, delivered today in the House of Commons.
Among the measures, Local Housing Allowance has been increased, alcohol duty has been frozen until August 2024 and the 75% discount on business rates for retail, hospitality and leisure units has been extended until 2025.
Commenting, Julie said:
“Because of the economic discipline the Government has shown, the Chancellor has been able to make some really welcome changes to taxes and financial incentives.
“The cut in National Insurance by 2% is going to put an extra £450 into the pockets of those on the median salary of £35,000. I was especially pleased to see self-employed workers recognised too.
“There is also good news for pensioners with the Triple Lock ensuring that they will see an 8.5% rise while those on Universal Credit will receive a 6.7% increase in payments. Furthermore, the increase in the National Living Wage to £11.44 will mean those on the lowest incomes will be better off. This is a Government that helps people’s life chances from the bottom-up.
“The extension of the business rates discount will be a great help to our hospitality sector, pubs and high streets businesses.
“Full Expensing is also a major policy. It was initially conceived as a temporary measure to ensure private investment still came into the economy during a tough time. However, due to its success, the Chancellor has made it permanent, meaning that companies that invest in the UK will reduce their tax by up to 25p for every £1 they spend on plant and machinery, representing the largest business tax cut in modern British history.
“This was a great Autumn Statement and represents the biggest package of tax cuts to be implemented at a fiscal event since the 1980s. It rewards hardworking people and pensioners alike and is set up to grow the economy. Jeremy Hunt has cut personal taxes and it is welcome news in Hertford and Stortford.”