Antony Higginbotham MP has welcomed the Conservative Government’s Budget, sticking to the plan and supporting more families across Burnley and Padiham with the cost of living.
By sticking to the plan, and more than halving inflation from 11.1. per cent to 4.0 per cent, the Conservatives are tackling the cost of living, with wages continuing to grow and mortgage rates starting to come down.
At the Budget the Conservatives have gone further to support families by putting more money back in people’s pockets through tax cuts, supporting more parents with the cost of childcare and freezing fuel duty for the fourteenth consecutive year.
The cut to National Insurance, together with the tax cut announced at the Autumn Statement 2023, means a hard-working family in Burnley and Padiham with two earners earning the average wage – £25,000 – will receive a combined annual tax cut of £870.
These measures build on significant cost of living support including £900 cost of living payments for over 160,000 families in Burnley and Padiham - a record boost to the National Living Wage - and the increase of the State Pension by over 8%.
Commenting, Antony Higginbotham MP said:
As a result of sticking to the plan, we can now ease the tax burden to make sure hard work is rewarded, and everyone keeps more of what they earn. This is alongside investing in our NHS and continuing to help with the cost of living.
Over 16,000 families in Burnley and Padiham have received support worth £900 over the last 12 months. Pensions have risen by over 10% last year and will shortly rise by another 8% this year. And cutting NI is about making sure that workers keep more of what they earn.
This Budget is just one part of the overall long-term plan that is now bearing fruit. It sits alongside our pledge to maintain the Triple Lock on pensions, our reform and expansion of free childcare, and support to get those out of work back into employment.
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
Because the Conservatives are sticking to the plan, with the economy inflation is down from 11.1 per cent to 4.0 per cent, meaning we can cut taxes and put more money in people’s pockets to grow the economy.
Our Budget cuts taxes to reward work, supports small businesses and helps more parents with the cost of childcare to grow the economy and fund public services.
By sticking to the plan, the Conservatives will deliver a stronger economy to build a brighter future. Labour cannot say what they would do with the economy because they do not have a plan, and would take us back to square one.
