Today the Chancellor set out a new Plan for Growth.
This is a bold plan that will expand the UK’s supply side through tax cuts and reform, tackle the immediate energy crisis, remove barriers for business, and build the infrastructure we need to grow the British economy. This approach will deliver higher wages, lower taxes and bring more money in for our public services.
The Energy Price Guarantee will cut every household energy bill, this is in addition to the previously announced Energy Bill Support Scheme giving households £400 off their bills this winter.
The Energy Bill Relief Scheme will discount wholesale gas and electricity prices for all businesses, charities, schools and hospitals.
National Insurance is being cut by 1.25%, saving working people an average of £330 a year. The additional funding for the NHS and social care will be maintained. This will also support small businesses with their staffing bills as well as putting more money in workers’ pockets. The basic rate of income tax is being cut to 19p from April 2023.
Stamp Duty is being cut permanently from today by doubling the amount at which no duty is paid to £250,000, first-time buyers will pay nothing up to £425,000 on properties up to £625,000.
Alcohol duty is being frozen saving 3p on a pint of beer and 12p on a glass of wine.
The A361 has also been included on a list of key road projects that will be accelerated and will benefit from reform to speed up development and construction.
As Chair of the APPG for the Celtic Sea I am delighted that the offshore wind projects in the Celtic Sea have also been included and look forward to developing the opportunities they will bring to the region.
An Investment Zone in Plymouth has also been announced. These Investment Zones will reduce the tax burden for businesses and cut red tape and bureaucracy around planning to enable greater innovation.
North Devon has a large number of self employed and I am sure that they will welcome the changes to IR35, reducing bureaucracy, cutting red tape so that small businesses and entrepreneurs can get on with running their business, not filling in forms.
I also welcome yesterday’s announcement from the Secretary of States for the Department of Health and Social Care who committed a £500 million package of support for social care. I know Devon County Council need this support now as well as longer term reforms.
I was also able to ask the Chancellor of the Exchequer about how we address the housing needs we have that are hampering growth and prosperity. North Devon has vibrant businesses that need staff and public services that cannot recruit. Workers and local families need affordable and stable homes and I welcomed the Chancellors’ commitment to meet with me to discuss how we can address the housing imbalance that we see here and in other coastal areas.
Selaine Saxby MP for North Devon
