As we know, the aftermath of the pandemic and Putin’s illegal invasion of Ukraine has seen inflation soar. We have all been impacted by everyday costs and I know for residents in Stoke-on-Trent, the cost of living has been hard. This is why I was glad to see the Chancellor outline an Autumn Statement that will put more in people’s pockets following the largest tax cut since the 1980s. Prior to the Statement I met with the Chancellor, and I am pleased he listened to some of our suggestions to support businesses and residents across North Staffordshire.
This is only possible thanks to action taken by the Government, inflation has more than halved from its peak, the economy has recovered stronger than expected and borrowing is down. The Government can once again focus on the long-term decisions required to strengthen our economy. This will allow us to better support local businesses and cut taxes to reward hard working people.
The Chancellor last week announced a whopping £20 billion package of annual cuts. 27 million working people across the country will see their National Insurance Contributions CUT from 12% to 10%. For the average worker earning £35,000 a year, that means a £450 tax cut. The self-employed are also benefitting, with the National Insurance Contributions being cut. This means saving the likes of plumbers, delivery drivers and farmers hundreds of pounds a year.
I was also very pleased to see that the National Living Wage receiving the biggest ever cash increase meaning a pay rise for 2.7 million workers. An increase to £11.44 an hour which means a 9.8% boost to wages. I am a firm believer that work must be rewarded, and people should always be better off in work. This increase of the National Living Wage ensures our workers are incentivised and will have more money in their pockets.
Workers are not the only ones to benefit from this year’s budget either. Whilst out and about in Stoke-on-Trent, many residents voice to me the need to support our pensioners and I recently fed this back to the Chancellor. I am pleased to see that my residents have been listened to. The Government will boost pensions, in line with the Triple Lock, by 8.5%. This means that the basic State Pension will be £3,750 higher than it was back in 2010.
Businesses are also set to see the biggest business tax cut in modern British history. Business taxes are to be cut by £11 billion. This means businesses in Stoke-on-Trent can permanently invest for less, supporting local jobs and the prosperity for our city. For small business freezing the business rates multiplier for the fourth year, will save an average shop £1,650, as well as the extension of support for hospitality and leisure, alongside freezing alcohol duty.
I am aware that there are families and households in receipt of working age benefits who are feeling the pinch. This is why the Chancellor has announced that all working age benefits are being increased in full by 6.7%, an average increase of £470 a year and a £800 Local Housing Allowance boost for the most vulnerable.
Alongside this, it is only right we further reform welfare to help support people back into work and incentivise those who can by helping them overcome the challenges faced. I strongly believe that we must open opportunities for all. Far too often in the past aspirations have been suppressed and people effectively left on benefits without any hope of ever getting off. What is not fair is for the vast majority who work hard and pay all their taxes to have to subsidise a small few who refuse to engage.
Of course, we must always help those who can’t work for a particular health reason, but it is very wrong, when we now have more jobs available in Stoke-on-Trent that there are people unemployed, for some who should be filling these roles to not make the effort and their potential just to be lost. It is time we tackled the challenges which have just previously been dismissed as all too difficult.
Given this, I was very pleased to host an over 50s Jobs and Advice Fair last Friday in the Longton Central Hall. The Jobs and Advice Fair showcased numerous businesses and organisations looking to recruit from a wide range of sectors, with lots of exciting opportunities and support on offer. I would like to thank all those businesses and organisations who gave time out of their busy schedules to attend. I would also like to extend my thanks to residents who came along on Friday, I hope they all found this helpful. I am firmly in the belief that all residents in Stoke-on-Trent, young and old, have a vast amount of experience and talent to offer.
I will continue to work with residents and colleagues in both Stoke-on-Trent and Westminster to ensure our city remains at the heart of the Government’s agenda now and into the new year. You can come to see more behind the scenes of Parliament and ask me more about the work I am doing for Stoke-on-Trent and North Staffordshire on my latest coach trip to Westminster on 14th December, if you’re interested please contact my office in Longton or email: [email protected]
First published in Stoke Sentinel 27/11/23
