The Budget and Spending Review delivered by the Chancellor earlier today delivers strong benefits and opportunity for the people of Thirsk and Malton.
The Chancellor has delivered on the Levelling Up agenda with significant investments in infrastructure, innovation, public services and a range of incentives for business investment.
It was also announced that there will be over £25bn of National rail investment and enhancements, focussing on connectivity in the North, including North Yorkshire. As an MP who has been fighting since I was elected to ensure that the North has its fair share, these announcements are welcome news.
The key measures announced include:
· Cut in the Universal Credit taper rate by 8 per cent from 63 to 55 per cent.
· The work allowance will be increased by £500.
· Increasing the National Living Wage by 59p to £9.50.
· Increasing public sector pay.
· Simplifying alcohol duty to make the system fairer, by cutting the price of English sparkling wine and prosecco by as much as 64 pence and cutting the tax on draught fruit ciders by 20 per cent.
· A new Draught Relief will apply a new, lower rate of duty on draught beer and cider – cutting duty by 5 per cent, the biggest cut to cider duty since 1923
· Freezing fuel duty for the twelfth year in a row.
· Cutting business rates by at least 50 per cent next year for 90 per cent of retail, hospitality, and leisure businesses – and freezing all rates.
· Doubling tax reliefs for the creative industries sector.
· A doubling of tax relief for theatres, museums, galleries and orchestras for 1 year
· Total departmental spending will increase over this Parliament by £150 billion. The largest real terms increase this century, with spending growing by 3.8 per cent a year in real terms.
· 105 areas of the UK benefit from the first round of the £4.8 billion Levelling Up Fund.
· £100 billion in our infrastructure – record sums for our roads, railways and broadband.
· Increasing skills funding by 42 per cent.
· Ensuring total farm support in England of £2.4 billion.
· Delivering the next stage of our points-based immigration system with £628 million.
As a Co-Chair of the APPG on Poverty I am particularly pleased that this budget means those on Universal Credit will be able to keep more of the money they earn and those in minimum wage will see such a large increase in hourly rate. Moreover, I have long been a supporter of pubs which are vital the economy here in North Yorkshire, therefore welcomed the cut to alcohol duty and business rates. Hospitality has been one of the hardest hit sectors during the pandemic and it is right to boost support for the industry in this way.
The Chancellor once again delivered an excellent budget which will build a stronger economy for everyone in Thirsk and Malton, from families who will have more money in their pockets to small brewers. After the last 18 months it is right that the Chancellor took decisions today to further aid the remarkable bounce back our economy has made and lay out the steps we are taking towards the high wage, high skilled economy the Prime Minister made in his conference speech. Whilst we have had to make difficult decisions, I am delighted that this Conservative Government is delivering for workers, families, and people right across the North.
