Robert Largan, MP for High Peak, has welcomed the Government’s Budget for people across the High Peak, saying “stick to the plan”.

By sticking to the plan, and more than halving inflation from 11.1% to 4%, the Conservatives have been able to cut taxes for people across the High Peak.

At the Budget, the Conservatives announced that National Insurance contributions will be cut to 8%. Taken together with the cut to National Insurance announced last year, the Conservative have delivered a tax cut worth a total of £900 a year for a worker on the average salary of £35,400.

Cutting National Insurance is the fairest and most effective way to incentivise work and drive growth, whilst also reducing the overall tax burden. The Conservatives will also cut National Insurance for the self-employed, delivering a combined tax cut worth £650 for the average earnings of £28,000.

Thanks to Conservative led tax cuts, and to above-inflation increases to Tax thresholds since 2010, an average worker in 2024-25 will pay over £1,600 less in personal taxes than they otherwise would have done.

The Conservatives have gone further to support families by putting more money back in people’s pockets through tax cuts, supporting more parents with the cost of childcare and freezing fuel duty for the fourteenth consecutive year.

The cut to the High-Income Child Benefit Charge means a family with two children in the High Peak, whose higher earner has an income of £65,000, will gain around £1,664 towards the cost of their childcare.

These measures build on significant cost of living support including £900 cost of living payments for eight million families, a record boost to the National Living Wage and the increase of the Station Pension and working age benefits.

The Budget also goes further to support businesses by raising the VAT threshold for small businesses, freezing alcohol duty, and cutting National Insurance contributions for the self-employed. By raising the VAT threshold, 28,000 small businesses, including in the High Peak, will be taken out of paying the tax. This will allow them to focus on their priorities and grow their business.

The freeze to alcohol duty will support the hospitality industry by ensuring the price of a pint and the average bottle of wine is lower, supporting up to 5,565 hospitality venues across the East Midlands.

The Conservatives have announced a cut to the rate of National Insurance for the self-employed. Taken with the tax cut announced at the Autumn Statement 2023, this is a tax cut of £650 for an average self-employed person on £28,000.

The Budget builds on the Conservatives work to deliver a brighter future for Britain, with long-term economic security and opportunity where hard work is always rewarded; where ambition and aspiration are celebrated; where young people get the skills they need to succeed in life; where families are supported; where those who have worked hard all their lives have the dignity they deserve in retirement; and, with security at home and abroad.

Commenting, Robert Largan MP said:

The plan is working. We must stick to the plan. With inflation down from 11.1% to 4% and wages growing, I am pleased the Government are focusing on cutting taxes that help to grow the economy.

This is why we have been able to afford tax cuts, rewarding hardworking families across the High Peak.

This Budget builds on significant cost of living support by putting more money back in people’s pockets, cutting the cost of childcare and freezing fuel duty. It also cuts taxes for hardworking business owners and families across the High Peak, continues to drive down inflation to help with the cost of living and supports the public services we all rely on.

The Budget also builds on the support delivered to support businesses, such as help with business rates. I am sure small businesses and the self-employed across the High Peak will feel the benefit of these measures.

This progress is thanks to the long-term decisions the Conservatives have taken to stick to the plan and strengthen the economy, helping to secure a brighter future for families across the country.

Commenting, Chancellor of the Exchequer, Rt Hon Jeremy Hunt MP, said:

Because the Conservatives are sticking to the plan with the economy inflation is down from 11.1 per cent to 4.0 per cent, meaning we can cut taxes and put more money into people’s pockets to grow the economy.

Our Budget cuts taxes to reward work, supports small businesses and helps more parents with the cost of childcare to grow the economy and fund public services.

By sticking to the plan, the Conservatives will deliver a stronger economy to build a brighter future. Labour cannot say what they would do with the economy because they do not have a plan and would take us back to square one.