Local Member of Parliament Antony Higginbotham MP has welcomed the Government’s Autumn Statement for Growth, which he says shows that the Conservative Government is taking the long-term decisions to reduce debt, cut taxes, reward hard work and back businesses in Burnley, rather than focusing on the short term politics of the past.
The Statement came against a backdrop of inflation falling, and global economic conditions stabilising, giving the Government economic headroom to take the long-term decisions required to strengthen the economy and build a brighter future.
The measures announced include a number relating to work and employment, an issue the local MP has campaigned on before, including in a debate last week in the House of Commons. During that he said that “The best thing we can do to help families in Burnley is to help them get into work, and that is particularly true of households that have been out of work for some time. I hope that in the autumn statement next week we hear more from the Chancellor on the work he has been doing with the Secretary of State for Work and Pensions on tackling long-term out-of-work households.”
Following this, the Autumn Statement for Growth will see a tax cut for people in work across Burnley in Padiham, with National Insurance Contributions reduced for 29 million people. The Chancellor also announced reforms to the welfare system to toughen up work requirements, ensuring those in the welfare system are incentivised to work, and making the system fair for all taxpayers.
To back business, the Conservative Government have announced full expensing will be made permanent. That means local business have their taxes cut every time they invest in the UK; representing an £11 billion a year tax cut for UK businesses. Firms across Burnley will also welcome a cut to their business rates which will see retailers in the town centre, restaurants and others benefit from a 75% reduction.
The Conservative Government has also announced that it is going further with the cost of living to support 1.6 million low-income families with an increase to their housing benefit and have announced the National Living Wage will be boosted by the largest ever cash increase, ending low pay and ensuring hard work is rewarded.
The Autumn Statement for Growth also backs new technologies with a £4.5 billion advanced manufacturing fund, which will include almost £1 billion for the aerospace sector which is so important locally – backing business and supporting new jobs.
The Conservative Government is making huge progress in tackling the long-term economic challenges facing the UK meaning a more dynamic economy that delivers prosperity across the United Kingdom.
Commenting, Antony Higginbotham MP said:
There’s no shortage of people – be it media or opposition parties – seeking to talk this country down. But this Conservative Government is making progress in tackling the immediate pressures in the economy, such as reducing the rate of inflation to help people across Burnley and Padiham with the cost of living.
This Autumn Statement for Growth is a result of the decisions the Government have taken. At times those decisions have been tough, dealing with a global pandemic, an energy crisis and conflict on our own continent. But they have meant we are now growing faster than comparable countries, have inflation at rates lower than most, and have public debt falling.
So now we are in a position to cut taxes, for businesses and people, as I have wanted to do since the day I got elected, and boost economic growth across Burnley and Padiham.
And let’s be under no illusion, today’s Autumn Statement would not be possible under Labour; they will always the easy way out with a reckless, permanent increase in borrowing that would see inflation and mortgage rates spiral.
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
With inflation falling, and global economic conditions stabilising, we are now able to turn our attention to the long-term decisions required to strengthen our economy and build a brighter future.
Our Autumn Statement for Growth takes those long-term decisions to reduce debt, cut tax, reward hard work and back British business right across the country.
By doing so we are making huge progress in tackling the long-term economic challenges facing the UK so we can build a more dynamic economy that delivers prosperity across our United Kingdom.
