Weekly Column
Despite challenges over the past few years from the pandemic and the huge increase in energy and others costs due to war in Ukraine, the Budget delivered tax cuts, help for small business, measures to grow the economy, and boost the NHS.
As a Conservative, I want lower taxes and people to keep more of the money they earn. Now there is the opportunity to start reducing taxes, I welcome the further cut in national insurance for 29 million people. That means a nurse’s income rises by £1,050, a typical teacher would be better off by £1,270, and a self-employed plumber by £846 a year.
Inflation has more than halved and is forecast to drop to its 2 per cent target in a few months but the Chancellor rightly set out further help with the cost of living. Maintaining the 5p cut in fuel duty and freezing rates for the 14th year in a row will help drivers in our rural area as they fill up. In April, the National Living Wage will increase by 9.8 percent, alongside a boost to support for private rents for those on low incomes.
From constituents, the Jobcentre, Food Bank, local councils, and others, I know the Household Support Fund has helped many people across Norfolk. That’s why I raised this directly with the Chancellor and I was pleased action has been taken to extend it with a further £500 million.
The government’s plans also ensure that pensioners continue to be protected. Last year state pensions rose by 10.1% and in April protected by the Triple Lock they will increase by 8.5% - a £900 boost. 12 million Winter Fuel Payments and Pensioner Cost of Living Payments are also being delivered and, in addition, there is the pension credit which I encourage people to check their eligibility for.
Backing small businesses is important. One of the measures I lobbied the Chancellor to include was an increase in the VAT threshold. Speaking to some firms in North West Norfolk they were closing on certain days rather than go over the threshold. Increasing it to £90,000 a year will help more businesses and means we have the highest threshold across Europe.
Growing the economy also means investing in places and the £20 million of additional funding for Lynn through the government’s Long Term Plan for Towns will make a real difference. This welcome long-term funding will support projects to boost high streets, heritage and regeneration, and transport and connectivity. And I’m sure local people will have ideas on projects they would like to see taken forward whether improving the public realm at Baxter’s Plain, the West Lynn ferry links, or other suggestions.
Coming on top of £50 million of regeneration funding already secured through the Town Deal and Levelling Up Fund, it is further commitment by this Conservative government to create more opportunities in Lynn and West Norfolk.
This Budget delivers tax cuts for working people, helps motorists keep costs down, boosts small businesses, supports families, and invests in the NHS and improving public services.
First published in Lynn News, 15 March 2024
