The past few years has not been easy for our economy and we have faced several unprecedented challenges such as the legacy of Covid, the War in Ukraine and now the conflict in the Middle East.
Despite all of this, we have made good progress in bringing down the rate of inflation from 11% to 4%, wages are now rising , mortgage rates are coming down and debt is on track to fall as a share of the economy. Because of the progress that we have made, the economy has turned a corner and we have been able to afford tax cuts as part of our plan to reward hard work and grow the economy. The Chancellor has just announced in the Spring Budget that we are:
Cutting the main rate of National Insurance again, reducing the rate from 10% to 8%. Combined with the cut in the Autumn, this is a tax cut of over Β£900 for the average worker - giving the average earner the lowest effective personal tax rate since 1975
Supporting more parents by increasing the High-Income Child Benefit Charge threshold and introducing a taper rate - helping half a million families with the cost of raising a child
Freezing alcohol duty which will help support over 8,000 hospitality venues here in the South West
Freezing fuel duty - supporting drivers in our area with the fourteenth consecutive fuel duty freeze
Supporting and reforming the NHS with Β£2.45 billion for the next year and a new Β£3.4 billion productivity plan. saving money and freeing up doctors time to focus on patients.
The choice could not be more clear - stick with our plan that is working and will deliver a brighter future or go straight back to square one with Keir Starmer who can't say what he would do - as he does not have a plan!