This week the Chancellor announced the Autumn Statement. Always a big moment in the political calendar, this covered some major areas. And it followed my speech in Parliament the week before, on the economy, where I highlighted the brilliant things we do in Burnley and what more I think we need from Government.
During that speech I recognised the enormous contribution made by our local businesses. Manufacturers, logistics firms, leisure businesses, and the hundreds more businesses – big and small – that contribute to our area.
But to invest and create jobs they need our help. This Autumn Statement the Chancellor made good on that with full expensing made permanent. This might sound technical, but in reality this is one of the biggest tax cuts for business in a generation. It means that tax on qualifying plant and machinery has been cut by 25 pence for every pound, generating almost £3 billion of additional business investment each year. For our manufacturers, and those looking to expand and grow, that’s huge.
But they can’t grow without people. That’s why another major part of the Autumn Statement was about making work pay, and getting the long term unemployed back to work. Through a new Back to Work Plan, issues like long-term sickness, and workless households will be tackled in a firm but fair way, including benefit sanctions for those who choose not to take up employment when they can do so.
But for those who can’t work, or who find themselves on hard times, the Chancellor announced an uprating of benefits in line with inflation, and an uprating of the Local Housing Allowance. Both measures, taken together, will have major benefits for the most vulnerable across our borough.
For pensioners we retained the Triple Lock, meaning every pensioner will see an increase of more than 8.5% in the state pension. Coming on the back of last year’s increase of more than 10%, this shows I’m always on the side of those who worked hard all their life.
But it isn’t just about those who are out of work, or who are retired. This Autumn Statement we got back to good old-fashioned Conservatism, delivering a tax cut for every worker across Burnley and Padiham – whether they’re employed or self-employed through changes to National Insurance. And with a major hike in the National Living Wage, we ensured that work will always pay.
There remains work to do, but this was an Autumn Statement for Growth and one that delivers for our area.
