Last week’s Autumn Statement from the Chancellor put a line in the sand for our economic policy after the three-year roller coaster ride which has seen a global pandemic and Russia’s dreadful invasion of Ukraine.
Chancellor Jeremy Hunt has been clear and forthright about the scale of the economic challenge facing the UK and the need to take tough but fair decisions to restore economic stability, tackle inflation, and help vulnerable households with the cost of living.
The members of Abridge Supper Club, with whom I had an excellent dinner and chat last Friday night, left me in no doubt about the strength of feeling about the need for strong leadership on the economy at this difficult time.
I am very pleased that we have been able to meet our manifesto commitments on pensions - with the pensions Triple Lock commitment will be honoured with pensions being increased by 10.1 per cent from next April. Likewise the Energy Bills Support scheme has been extended until 2024 and the Chancellor has also increased the National Living Wage by 9.7 per cent.
The NHS and schools will benefit from funding increases, which will come as good news for the local school governors who had joined a campaign to highlight what they need for their staff and pupils.
We will all have to pay slightly more in tax to help restore the public finances, but the burden will fall on those who can most afford it. Energy companies will see the Energy Profits Levy from 25 to 35 per cent from 1 January 2023, while higher earners will also be asked to contribute more.
The Autumn Budget Statement had no easy choices to make - but it sets the country on a clear track to stability and recovery at a time when the world’s economy is still facing enormous headwinds
