I welcome the contents of this year’s Autumn Budget, announced by the Chancellor on 27 October. Just one year ago, this country was in the grip of the biggest recession it had experienced in 300 years and was dealing with the huge, far reaching effects of a global pandemic. With that incredibly challenging set of circumstances in mind, it shows just how successful the Government’s Plan For Jobs has been, as today we are recovering faster than our major competitors, more people are in work, and growth is up.
Amongst a wide range of measures, I was particularly pleased that the Chancellor announced a reduction in the Universal Credit taper rate, an increase in the National Living Wage to £9.50 an hour, a freeze in fuel duty, as well as cuts to business rates, new tax reliefs, and record spending on infrastructure and R&D.
I am sure that many will also warmly welcome the Chancellor’s announcement that alcohol duty will be frozen and the system radically reformed to make it simpler, fairer and healthier.
The Budget and Spending Review delivers a stronger economy, not just for today but into a future where secure national finances will be essential to counter the effects of an uncertain global economy.
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