This afternoon, the Chancellor set out his Budget for Long-Term Growth.
The last few years have not been easy for the economy, but we are sticking with our plan because it is working. Three of the Prime Minister’s five priorities are economic – to have inflation, grow the economy and reduce debt.
Good progress has been made with inflation more than halving, mortgage rates falling and wages rising. But there is more to do. Now that the economy is turning a corner, the Government can help families with permanent cuts in taxation.
Some of the measures announced today include:
- National insurance cut from 10% to 8%, saving the average worker £900 a year.
- Increasing the threshold at which parents start paying the High Income Child Benefit Charge, from £50,000 to £60,000.
- Alcohol duty frozen until 1 Feb 2025, cutting costs for breweries, distilleries, restaurants, pubs and bars.
- Fuel duty frozen for a fourteenth consecutive year, saving an average of £250 per car since the cut was introduced in 2022.
- Extending the Household Support Fund with an extra £500 million, ensuring that support continues to reach the most vulnerable.
- Increasing the VAT registration threshold for small businesses for the first time since 2017, raising it from £85,000 to £90,000.
Building on the measures set out in the Autumn Statement, the Chancellor is now able to put more money back into worker’s pockets because of the sound economic decisions he has taken. The Chancellor is sticking to our plan with a Budget for Long-Term Growth that will deliver more investment, strengthen our public services, create more jobs and lower taxes.
Read more here.
