In the Autumn Statement, we have made tough but fair decisions to restore economic stability and tackle inflation. Inflation makes everyone poorer, that is why our number one priority is to grip inflation. There are no headline tax increases. There is more money for schools and the NHS, and a plan to boost economic growth. To achieve long-term, sustainable growth we need to grip inflation, balance the books, and get debt falling as a share of GDP. Like many countries worldwide, the UK is facing profound economic challenges – Putin’s illegal invasion of Ukraine and the Covid pandemic have cost our country billions. We spent over £400 billion supporting 14.5 million jobs during the pandemic. It is right that we start to pay that back now rather than leave future generations to pay the price. We are standing by the most vulnerable. We are ensuring that benefits rise in line with inflation and keeping the pensions triple lock.
Our plan is fair and involves a roughly equal split between tax rises and spending cuts, with the greatest burden falling on those who can afford it most. We are restoring stability and tackling inflation by protecting and maintaining public spending for the next two years at the levels set out in 2021 and then increasing spending by one per cent in real terms a year until 2027–28. We have also increased taxpayer funding for our NHS and schools by an extra £11 billion over the next two years and we will be supporting every household with higher energy bills by extending the Energy Price Guarantee until April 2024, while providing over £12 billion in additional support to help the most vulnerable households. I’m also very pleased that benefits will move in line with inflation, ensuring that those households who are least well off are protected against price rises. The pensions Triple Lock will also be maintained - delivering on our manifesto commitment and supporting the most vulnerable in North Cornwall. Those on the full new state pension currently receive £185.15 per week, so a 10.1% increase would see payments rise to £203.85. The old basic state pension - given to those who reached state pension age before April 2016 - will rise from £141.85 to £156.20.
Following the budget, I returned to the constituency to make several visits. Firstly, I took a Q&A at Stoke Climsland School from the children which was great and something I always enjoy. I then visited businesses in Launceston including Kernow Financial Services to learn more about the work they are doing in the community. As always, if there is anything my team or I can do to assist you then please do not hesitate to get in touch via [email protected]. You can also see my updates online at www.scottmann.org.uk and on social media www.facebook.com/TherightMannForNorthCornwall.
ENDS
