Local MP Robert Largan has welcomed the Chancellor’s Autumn Budget and Spending Review. 

The Budget prioritises helping working families and vulnerable households with the cost of living, including through a significant tax cut for low-income families by reducing the Universal Credit taper rate from 63 per cent to 55 per cent; a 6.6 per cent increase in the National Living Wage to £9.50 an hour—giving a £1,000 pay rise to 2 million workers; lifting pay restraints for public sector workers; a freeze in fuel duty for the twelfth consecutive year; and a freeze in alcohol duty.

Businesses will also benefit from new measures, including a 50 per cent cut in business rates next year for 90 per cent of retail, hospitality and leisure businesses. In addition, all rates will be frozen. 

Creative industries’ tax relief will also be doubled, helping the UK’s theatres, orchestras, museums and galleries—including our much-loved Buxton Opera House.

Other measures to drive economic growth include record investment in our roads, railways and broadband, and supporting innovation through a record £20 billion spending on research and development. 

Greater Manchester has also been granted £1.07 billion to improve public transport in the region. 

As part of the three-year Spending Review delivered alongside the Budget, total Government departmental spending will increase by £150 billion by 2024. 

This funding increase will help to deliver on the Conservative Government’s key manifesto promises. This includes building 40 new hospitals, recruiting 20,000 police officers, and raising per-pupil spending in schools to record levels.

Underpinning these measures, the Budget strengthens the country’s public finances, and will get debt falling again. The new fiscal rules set out by the Chancellor will require the Government to borrow only to invest, and get debt falling by 2024. 

Robert Largan, MP for High Peak commented:

“These are difficult times, and I know that many people are worried about the weeks and months ahead. 

“This Budget will make a real difference to people in the High Peak—helping working families with the cost of living, supporting businesses with their recovery, and investing in our public services.

“Importantly, all of these spending commitments come on top of those already agreed, including the £137 million upgrade to the Hope Valley Line, work to finally build the Mottram Bypass, and the £6.6 million Future High Street Fund for Buxton.

“I was elected on a promise to level up and improve opportunities for people in High Peak, and that’s exactly what this Budget helps to do.” 

Chancellor of the Exchequer, the Rt Hon Rishi Sunak MP, commented: 

“One year ago, this country was in the grip of the biggest recession in 300 years.
 
“Thanks to our Plan For Jobs, we are today recovering faster than our major competitors, more people are in work, and growth is up. But uncertainty in the global economy means that recovery is now under threat.

“That is why this Budget and Spending Review delivers a stronger economy for the British people—strengthening our public finances, helping working families meet the cost of living, supporting businesses, delivering stronger public services, and driving economic growth.

“This is a Budget which will level up every part of the United Kingdom. It is a Budget which provides the foundations for a stronger economy.”