- The Conservative Government is supporting every household with the cost of energy by extending the Energy Price Guarantee until April 2024, while uprating benefits and pensions in line with inflation, and providing £12 billion extra support for the most vulnerable.
- To deliver on the people’s priorities, public spending will be protected for the next two years and maintained at the levels set out in 2021 and then rise by one per cent in real terms every year until 2027–28, with £11 billion in extra investment for the NHS and schools.
- The Conservative Government has made tough decisions to restore economic stability in a fair way, ensuring there are no headline tax increases while delivering a plan to tackle inflation and boost economic growth.
On 17th November, the Chancellor of the Exchequer presented his Autumn Statement. It set out how the Conservative Government will restore economic stability, protect public services, reduce inflation, and spur growth in the science, technology, and energy sectors.
The Autumn Statement represents a fair deal for Britain. It protects the most vulnerable by uprating pensions and working benefits, whilst increasing taxes on those who can bear it most. The Conservatives are the only party with a plan to help people through the tough times ahead. The Labour Party continues to vote against every single piece of legislation, whilst providing no alternative.
Stephen Metcalfe welcomes the Chancellor’s investment in our public services. Public spending for the next 2 years will remain at the levels set out in 2021 and then increase by 1 per cent in real terms a year until 2027–28. There will be £11 billion in funding over the next 2 years for the NHS and schools. The Conservatives are uprating spending on public services.
Stephen also welcomes the increased support for the most vulnerable in the constituency. In addition to this year’s Cost of Living Payments, an extra £12 billion of targeted support is being provided next year to help 8 million low-income households. This means additional payments of £900 for people on means-tested benefits, £300 for pensioners, and £150 for disabled people to help with their energy bills.
The Conservative Government will also continue to support households with energy bills. The Energy Price Guarantee will be extended until April 2024, with a price cap increase from April 2023 meaning a typical household’s energy bills will be capped at £3,000.
The Conservative Government’s plan for stabilising the economy and protecting the public finances is fair and balances increased spending with increased taxes on those who can bear it most. The Energy Profits Levy (“Windfall Tax”) on energy companies will be increased from 65 per cent to 75 per cent. It has also been announced that the £150,000 top rate tax band will be reduced to £125,140 in April and changes to the dividends allowance and Capital Gains Tax Annual Exemption Amount will mean the greatest burden falling on those who can afford it most.
The Conservative Government also plans to boost R&D and British innovation by spending £600 billion in capital investment over the next five years, protecting the Levelling Up Fund, protecting the UK Shared Prosperity Fund, and protecting R&D spending. Furthermore, £14 billion in business rates cuts will support high street businesses.
The Autumn Statement shows you do not have to choose between a strong economy or good public services – with a Conservative Government you get both.
Stephen Metcalfe MP said:
High inflation and slow growth are affecting countries everywhere, with a third of the world’s economy facing recession – it is right that this Conservative Government has come forward with a plan to restore economic stability and tackle inflation.
I welcome that, even in these tough times, the Government is investing an extra £11 billion into our schools and the NHS – delivering investment for our public services. And by taking a fair approach to taxation, the Government has shown that it is prepared to take the tough but necessary decisions.
Only through sound management of the public finances can we continue to protect the most vulnerable across South Basildon and East Thurrock and provide the long-term economic stability that is vital for everyone up and down the country.
Chancellor of the Exchequer Jeremy Hunt said:
We are weathering a global economic crisis, but the British people are tough, resourceful and inventive. My focus is on driving down inflation to get us through this.
I have had to make difficult choices but have done so based on fairness. Increases in taxes and restrictions on public spending are tough, but we’re ensuring those with the broadest shoulders carry the heaviest load.
We’re protecting the most vulnerable with an extensive package of energy support, increases in benefits and the State Pension, and a rise in the National Living Wage.
And we are safeguarding our frontline public services with access to over £7 billion for the NHS and Social Care and £4 billion for education next year, while making sure we bring down debt and borrowing.
