· The Government has 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 Government (on Friday, 23rd September) has 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.
Henry Smith MP has welcomed the Chancellor’s measures set out for families across Crawley 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 in Crawley 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.
This means:
· 4 million people across the south east of England will save £400 a year thanks to the cut to National Insurance contributions
· 5 million people in the region will save £190 a year thanks to the slash to Income Tax in 2023
Henry said;
“In the face of rising energy prices and cost of living pressures it’s right that this Government has come forward with a serious support package and a plan for growth.
“I welcome support set out for people across Crawley today, including cuts to National Insurance contributions, Income Tax and Stamp Duty – all helping families to keep more of their hard-earned money.
“Only this Government can be trusted to make the reforms we need to grow our economy – delivering higher wages, lower taxes and more money for our public services.”
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)
· increasing the value of the property 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.
The Government’s Growth Plan also unleashes 38 Investment Zones across England, unlocking housing and driving growth through tax incentives and over 100 infrastructure projects that will be accelerated.
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.
The Chancellor of the Exchequer, Kwasi Kwarteng, commented;
“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.”
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