The financial statement was important for us in Hertford and Stortford. Jeremy Hunt rightly prioritised stability, growth and public services and this will have a real effect on all our lives.
We will make sure that we pay our way. After spending £400bn during the pandemic and subsequently to support people and businesses paying energy bills, there is some way to go, especially with war in Europe. The independent Office for Budget Responsibility has forecast that these global headwinds will shrink the UK economy by 1.4% next year but that with the Chancellor’s interventions, the UK economy will grow in the three succeeding years.
I have faith in the Chancellor's ability to manage the UK economy while prioritising the things that matter to us in Hertford and Stortford. The core schools budget will increase by £2.3bn in 2023/24 and by a further £2.3bn in 2024/25. With the NHS in England, the Government is providing additional funding of £3.3bn in each of the next two years, a measure its Chief Executive says will provide sufficient funding.
I’m delighted that we are raising both means-tested benefits and pensions with inflation; this will come as a huge relief to the most vulnerable in society and those on fixed incomes. I am grateful to everyone who has written to me on these issues in recent weeks. These measures are ones I was keen to see, and I am glad that the Chancellor is providing the security that people require.
Turning to local news, residents may be aware of the impending closure of the Martin’s shop, and the Post Office branch inside, on Ware High Street. I want to state in no uncertain terms that I condemn this decision made by Morrisons to close the store because of the risk this poses to our community’s access to cash and other banking services.
Wherever you live, this closure has acute implications locally. Reducing access to cash severely hampers the lives of residents, making it far harder for people to pay bills, transfer money or, very simply, withdraw cash. We do not live in a totally cashless society so even with the best will in the world, losing this banking outlet is simply unacceptable, especially after losing all six of our banks in recent years.
The Post Office had largely filled the void that these banking closures created which is why it is so important that we work to ensure that a Post Office branch remains on or close to Ware High Street.
I have already met with executives from Morrisons to ask them to look again at their projections, given our increasing population and I am due to meet the Post Office shortly. Additionally, I have met with the Treasury Minister and written to other businesses on Ware High Street to ask if they would be able to host a Post Office inside their premises. I will continue to work here so make sure our community does not lose its access to cash.