Stuart Anderson MP has endorsed the Chancellor’s Autumn Statement, which delivers £26 billion more support for all households with the cost of living as well as an extra £11 billion for key public services such as our schools and hospitals – with no headline tax increases. The Chancellor announced support for every household facing higher energy costs, as the Energy Price Guarantee is extended until April 2024.
Stuart also welcomed the fact that more than 2 million people will see a pay rise, as the National Living Wage increases to £10.42 – the largest ever cash boost. In addition, the National Minimum Wage will receive a substantial increase and, to help millions of pensioners across the country, the Pensions Triple Lock will be protected in line with the manifesto commitment. The State Pension will increase by £870 - the biggest ever increase. To further support families during this time of heightened prices, the Chancellor announced that working age benefits and pension credit will rise by the rate of inflation at 10.1%. In addition, the Household Support Fund has been increased by £1 billion and £12 billion extra targeted support will be provided to over eight million low-income and vulnerable households. This means £900 for people on means-tested benefits, £300 for pensioners, and £150 for disabled people.
In addition, Stuart endorsed plans to deliver extra funding for frontline public services. It includes an extra £8 billion for the NHS and Adult Social Care, while the core schools’ budget is increased to £58.8 billion. For small businesses, the Government is providing a £13.6 billion package of business rates support. The Statement includes plans to establish an energy efficiency taskforce, which will be backed by £6 billion in new funding to save people money on energy bills and deliver greater energy security. The Chancellor announced an invest of £1.7 billion for local projects through round two of the Levelling Up Fund. Wolverhampton has already received £20 million from this Fund for the City Learning Quarter which will offer state-of-the-art learning facilities to local people and enrich our local economy with many jobs supported. Over a 10-year period, around 45,000 people will benefit from learning there.
Stuart Anderson MP said: “Inflation has risen rapidly largely due to global factors such as higher energy prices and post-pandemic supply chain bottlenecks. While these are global factors, I welcome the Chancellor’s Autumn Statement, which delivers more support for all households with the cost of living as well as an extra £11 billion for key public services such as our schools and hospitals. Together, this balanced set of measures will enable us to protect frontline services and boost economic growth – as we control inflation and deliver greater energy security, with the roll-out of more renewable energy sources.”
The Chancellor of the Exchequer Jeremy Hunt said: “There is a global energy crisis, a global inflation crisis and a global economic crisis. But today with this plan for stability, growth and public services, we will face into the storm. We do so today with British resilience and British compassion. Because of the difficult decisions we take in our plan, we strengthen our public finances, bring down inflation and protect jobs.”
Stuart has published further information on support for individuals and households at www.stuartanderson.org.uk/support-individuals.