“The cost-of-living crisis is affecting us all and I know many families across Hertford and Stortford will be pleased with the measures taken by the Chancellor to address it and help those who are most vulnerable.
“No-one can stop the global inflationary pressures all countries now face due to Covid, supply side costs and the war in Ukraine.
“But I think Rishi Sunak has done a great deal to help mitigate it. The equalising of the National Insurance and income tax thresholds was a brilliant move that will save millions and millions of working people £330 a year.
“Motorists and the transport industry have been left reeling from fuel costs but, again, help was at hand in the form of the Chancellor’s announcement of a 5p cut in fuel duty for 12 months.
“I am also impressed with the targeted support through the doubling of the Household Support Fund to £1 billion that will allow councils to help those most in need.
“And we should not forget the £9 billion of support to help households with gas and electricity rises that has already been announced.
“But this was a wide-ranging statement that also addressed other major problems around productivity, investment and business costs.
“Cutting business employment taxes is worth up to £1,000 per business for firms in Hertford and Stortford.
“The VAT cut on energy saving materials like solar and insulation is most welcome at a time when we need to be more energy efficient.
“And the announcement that the government will work with business to formulate plans to create better conditions for private sector-led growth through tax cuts on business capital investment and R&D is laying the foundations for strong economic growth and better productivity.
“This was a responsible spring statement too, keeping to the fiscal rules, and it did not gloss over the fact we need to get borrowing down. Next year we will spend £83 billion alone on servicing our debt interest. This is too much.
“Doing so will allow us to cut income tax to 19p in the years to come. It is a fully costed pledge that will put more money in pockets.
“The statement was impressive work by the Chancellor and I welcome it.”