Last week we saw the Chancellor announce the 2023 Spring Budget. I listened very closely to the Chancellor’s announcements with a key focus on levelling up for the benefit of Stoke-on-Trent, help for manufacturers like ceramics to invest, and more support with the cost of living for families.
I firstly want to touch on one major and exciting announcement for Stoke-on-Trent. Our city has been picked as one of the Levelling Up Partnership areas, but what does this mean for Stoke-on-Trent? Set up through the Department for Levelling Up, Housing, and Communities, this new partnership is about helping Stoke-on-Trent unblock barriers to opportunity and economic growth – working with local stakeholders in the city and supported by national delivery organisations.
Stoke-on-Trent will have access to part of a £400 million fund. This partnership will help unlock the true potential of our city, opening up new opportunities for skilled well-paid employment, supporting families and all our communities to prosper. This announcement proves we remain at the top of the list when it comes to the Government’s delivery of the Levelling Up of opportunities.
I firmly believe the investment our city has received since 2021 will be the start of something great for Stoke-on-Trent residents. This includes: £56 million through the Levelling up Fund, £40m through the Transforming Cities Fund, £31m from the Bus Service Improvement Fund, a Priority Education Investment Area, 500 Home Office jobs and the Family Hubs programme. All this has only been possible thanks to effective local leadership with a well led City Council and MPs working together, supported by a government which recognises the attention our city needs.
Another major focus for me has been supporting manufactures and energy intensive industries like ceramics. Many of these local firms have faced significant challenges with increased energy costs and the need to decarbonise. Residents will have seen I recently met with the Prime Minister to discuss the need for financial support for our energy intensive industries.
I was pleased to hear the Chancellor announce a tax cut for business worth £25 billion over three years, rewarding businesses for every single pound they invest in equipment in the UK. This is very important for industries like ceramics in Stoke-on-Trent as it means they will receive additional tax reductions when purchasing machinery and equipment. It will result in more money being invested in Stoke-on-Trent by businesses, helping them to improve energy efficiency and productivity to support jobs. For every pound a company invests, their taxes are cut by up to 25p.
I know from speaking with residents the cost of living remains a huge challenge and at the forefront of peoples’ minds. I was pleased to raise these issues with the Chancellor just before the budget. It gave me confidence to hear that further financial support will be given to households and families.
The Chancellor has announced that the Energy Price Guarantee (EPG) will remain at £2,500 for another three months, saving the typical family £160 on their energy bill. The total support offered by the Government so far averages at £3,300 per UK household. For the most vulnerable households this includes up to £1,350 of support in 2023-24: £900 for households on means-tested benefits; £300 for pensioner households and £150 for disability benefit claimants. Alongside this the Household Support Fund has also been extended.
The Chancellor also announced plans to extend 30 hours free childcare to all working parents of children aged 9 months to 4 years. Additionally, those receiving Universal Credit childcare costs will be paid up front in the future rather than arrears. It was also announced fuel duty will be frozen for a thirteenth consecutive year, meaning the average driver has saved around £200 since the 5p cut was introduced.
Plans were also revealed increasing the annual pension allowance to £60,000 and abolishing the Lifetime Allowance. This change will significantly help retain more doctors and nurses working in our NHS who would otherwise have had little choice but to take early retirement or reduced their hours.
Just a few months ago, the doomers and gloomers were predicting that the UK economy would crash, and we would currently be in a recession. Our economy has in fact started to grow again, inflation has peaked, and the costs of debt and mortgages are coming down. By taking the tough but responsible decisions, the Government has been able to produce a positive budget, delivering for families and businesses in places like Stoke-on-Trent. This also includes our local pubs who thanks to a Brexit Pub Guarantee will now pay less draught duty than duty in supermarkets.
With growth forecast to continue to return and inflation expected to massively reduce, we are now faced with a far more positive outlook. I have constantly voiced the need to level up Stoke-on-Trent to unlock the true potential of our city to deliver better jobs, skills and opportunities for everyone. Following the Spring Budget, I feel confident now more than ever - we are on the right track. We are no longer the forgotten city, and finally have a government which recognises the importance of delivering for Stoke-on-Trent.
The hard work doesn’t stop here. I will continue to be a positive voice and champion for our great city in Parliament, and work with local stakeholders to deliver the improvements Stoke-on-Trent needs.
This article was first published in the Sentinel newspaper on 20/03/2023
