- Today the Government delivered The Growth Plan, starting a new era focused on economic growth, whilst tackling the immediate energy crisis and removing barriers for businesses to build the infrastructure we need to grow the British economy.
- The Government’s Growth Plan puts more money in people’s pockets by cutting National Insurance and Income Tax – including an extra £330 a year from the cut to National Insurance contributions and saving families £1,400 on their energy bills.
- The Chancellor also announced freezes to alcohol duties and enhancements to the draught relief scheme, providing welcome support to Burton’s brewing and pub sector.
Today the Government delivered The Growth Plan – setting out support for families with their energy bills and unleashing a new era of growth through tax cuts and investment incentives.
Burton and Uttoxeter’s Member of Parliament, Kate Kniveton, has welcomed the Chancellor, Kwasi Kwarteng’s, measures set out for families across Burton and Uttoxeter who will have their energy bills cut by up to £1,400 through the Energy Price Guarantee, whilst businesses eligible for The Energy Bill Relief Scheme will have their energy bills slashed by cutting the price of wholesale gas.
The Chancellor also confirmed people across the West Midlands will benefit from personal tax cuts – cutting National Insurance contributions by 1.25 per cent, putting an extra £330 a year in people’s pockets and helping them with cost-of-living pressures.
The Chancellor cancelled the planned increases in alcohol duties on beer, cider, wine, and spirits. In addition to this, Mr Kwarteng revealed that the Treasury would be extending the new draught relief for smaller kegs of 20 litres and above, supporting small and microbreweries. Burton’s MP had previously urged the Government to make this change to support Britain’s thriving craft brewing sector and provide a boost to England’s much-loved pubs.
Alongside these measures the Government announced further personal cuts – including cutting stamp duty permanently by doubling the nil-rate band to £250,000 (from £125,000), increasing the nil-rate band for first time buyers to £425,000 (from £300,000) and increasing the value of the property on which first-time buyers can claim relief to £625,000 from (£500,000). These measures combined mean a typical family moving into a semi-detached property will save £2,500 on stamp duty and £1,150 on energy bills – and if they have a combined income of £50,000 around an additional £560 on tax. This is around £4,200 in total.
These measures will unleash growth through tax cuts and reform, tackle the immediate energy crisis, removing barriers for business, and building the infrastructure needed to grow the British economy.
Commenting, Kate Kniveton MP said:
“In the face of rising energy prices and cost of living pressures it is right that the Government has come froward with a serious support package and a plan for growth.
“This will help families to keep more of their hard-earned money and support local businesses to invest and create more jobs.
“As the Member of Parliament for Britain’s brewing capital, I was also pleased to see changes to the draught relief scheme. Local brewers have previously asked me to support their calls for changes to this relief, so I am pleased that the Treasury has listened to the representations I made on their behalf. This will be a boost to our brilliant local pub and brewing industry.
“Taken together, these measures will help grow our economy – delivering higher wages, lower taxes and more money for our public services.”
Commenting, The Chancellor of the Exchequer said:
“Growth is not as high as it should be. This has made it harder to pay for public services, requiring taxes to rise and cost of living pressures to increase.
“We need to change this and be unashamed in our Growth Plan – expanding the supply side of the economy, through tax incentives and reform, whilst we help families now by cutting their energy bills by £1,400 a year and slashing personal taxes.
“That is how we will deliver higher wages, greater opportunities, and crucially, fund public services, now and into the future.”
