The Chancellor has today announced his autumn statement, with an ambitious series of tax cuts, benefit increases and investment for households, businesses and individuals across the country. Telford MP Lucy Allan has welcomed the measures in the statement, which went far beyond what many people were expecting and will save people in Telford hundreds of pounds every year.
Lucy Allan MP said:
I am pleased that the Chancellor has taken this opportunity to put more money into people’s pockets. I have always argued for lower taxes so that people can keep more of the money they earn and am glad that the Government has listened and delivered.
The statement’s focus on business, skills and incentivising work is to be commended, and in particular the Government’s new measures to support the lower paid and self employed. I am particularly keen to see the benefits of the new West Midlands Investment Zone reach Telford, as a critical centre for advanced manufacturing and highly skilled jobs.
These are Conservative measures that will benefit my constituents and I want to see a continued focus on rewarding work and creating opportunities as the economy continues to grow.
Autumn Statement Key points:
- National Insurance will be cut for those who are employed and the self employed, saving everyone hundreds of pounds every year in taxes.
- The living wage will rise to £11.44 per hour and will apply to 21 and 22 year olds for the first time.
- Universal Credit and other working-age benefits will be increased by 6.7%.
- State pension will increase by 8.5% and the triple lock will be protected.
- Local housing allowance will be significantly increased to help people with the cost of rent.
- The West Midlands Investment Zone will focus on advanced manufacturing, leverage approximately £2 billion in private investment and help to create 30,000 jobs across the region over the next 10 years.