- The Conservative Government is supporting every household with the cost of energy by extending the Energy Price Guarantee until April 2024, while uprating benefits and pensions in line with inflation, and providing £12 billion extra support for the most vulnerable.
- To deliver on the people’s priorities, public spending will be protected for the next two years and maintained at the levels set out in 2021 and then rise by one per cent in real terms every year until 2027–28, with £11 billion in extra investment for the NHS and schools.
- Today the Conservative Government have made tough decisions to restore economic stability in a fair way, ensuring there are no headline tax increases while delivering a plan to tackle inflation and boost economic growth.
Today the Conservative Government set out in the Autumn Statement how it will restore economic stability, protect key public services, help control inflation, and boost growth.
It represents a fair deal for Britain and shows the Conservatives are the only party with a plan to help people and businesses across the Colne Valley, Holme Valley and Lindley through the tough times ahead.
Jason McCartney MP has welcomed an extra £11 billion in funding over the next two years for the NHS and schools. Public spending for the next two years will be protected at the levels set out in 2021 and then increase by one per cent in real terms a year until 2027–28.
£12 billion of extra targeted support is also being provided next year to help eight million low income, vulnerable and pensioners households, on top of the cost of living payments being provided this year. This means additional payments of £900 for people on means-tested benefits, £300 for pensioners, and £150 for disabled people to help with their energy bills.
The Conservative Government is delivering on its commitment to protect the most vulnerable by uprating benefits in line with inflation and protecting the pensions Triple Lock.
Every household will be supported with higher energy bills following the announcement that the Energy Price Guarantee will be extended until April 2024, with a price cap increase from April 2023 meaning a typical household’s energy bills will be capped at £3,000.
The Conservative Government’s plan for stabilising the economy and protecting the public finances is fair and involves a roughly equal split between tax rises and spending cuts.
Windfall taxes on energy companies are being extended and increased, and instead of raising personal tax rates, the Government is freezing personal tax thresholds for a further two years.
It has announced that the Additional Rate threshold will be reformed, so that a taxpayer who earns more than £150,000 will pay £1,200 more in tax per year. Changes to the dividends allowance and Capital Gains Tax Annual Exemption Amount will mean the greatest burden falling on those who can afford it most.
This will support boosting growth, with £600 billion in capital investment over the next five years protected, along with the Levelling Up Fund, the UK Shared Prosperity Fund, R&D spending, and a £14 billion business rates cuts package to support high street businesses.
Today’s Autumn Statement shows you do not have to choose between a strong economy or good public services – with a Conservative Government you get both.
Commenting, Jason McCartney MP said:
High inflation and slow growth are affecting countries everywhere, with a third of the world’s economy facing recession – it is right that this Conservative Government has come froward with a plan to restore economic stability and tackle inflation.
I welcome that even in these tough times the Government is investing an extra £11 billion into our schools and the NHS – delivering investment for our public services and to boost the economy. And by taking a fair approach to taxation, the Government has shown that it is prepared to take the tough but necessary decisions.
Only through sound management of the public finances can we continue protecting the most vulnerable across the Colne Valley, Holme Valley and Lindley and provide the long-term economic stability that is vital for everyone up and down the country.
Commenting, Chancellor of the Exchequer Jeremy Hunt said:
We are weathering a global economic crisis, but the British people are tough, resourceful and inventive. My focus is on driving down inflation to get us through this.
I have had to make difficult choices, but have done so based on fairness. Increases in taxes and restrictions on public spending are tough, but we’re ensuring those with the broadest shoulders carry the heaviest load.
We’re protecting the most vulnerable with an extensive package of energy support, increases in benefits and the State Pension, and a rise in the National Living Wage.
And we are safeguarding our frontline public services with access to £8 billion for the NHS and Social Care and £2.3 billion for schools next year, while making sure we bring down debt and borrowing.
ENDS
Notes to Editors
- The Conservative Government announced £7.7 billion in additional funding for health and social care over the next two years. Despite the challenging economic circumstances, the Government is providing £2-3 billion additional funding for the NHS in each of the next two years to bring down ambulance waiting times, tackle the Covid backlog and improve access to GPs. It is also providing £2.8 billion next year and £4.7 billion the year after for adult social care, which will help move 50 per cent more people out of hospitals and into care, addressing unmet needs and boosting low pay in the sector.
- The Conservative Government announced £4 billion in additional funding for schools over the next two years. The Government is increasing the schools budget by £2 billion this year and £2 billion next year to help schools with rising costs as a result of inflation. This level of funding will mean it has fulfilled its pledge to restore per pupil funding to record levels, with real term per pupil funding rising at least to 2010 levels, more than Labour has pledged to give schools.
- The Conservative Government announced the Energy Price Guarantee will continue to support everyone for another year. This winter, the price households pay for the energy they use will be capped, so that a typical household will pay £2,500. From April 2023, the price cap will rise so that a typical household will pay £3,000. The Energy Price Guarantee will then end in April 2024.
- The Conservative Government announced £12 billion of additional support to help the eight million most vulnerable households. The Government will continue providing this year’s cost of living payments and next year it will provide extra one-off payments of £900 for those on means-tested benefits, £300 to pensioners, and £150 for disabled people to help with their energy bills.
- The Conservative Government announced £6 billion to help deliver a national ambition to reduce energy use by 15 per cent by 2028. In addition to the generous support it has provided to help with rising energy costs, the Government will be investing £6 billion to deliver its national ambition to reduce energy use by 15 per cent by 2028. The Business Secretary will announce details of a new taskforce and a national campaign to deliver this in due course.
- The Conservative Government is protecting the Triple Lock. Because of the difficult but necessary decisions it has taken elsewhere, the Conservative Government is able to protect the Triple Lock for pensions in full. This means that in April, the State Pension will increase in line with inflation, which is the biggest cash increase in the State Pension ever.
- The Conservative Government is uprating benefits in line with inflation. To protect the most vulnerable, benefits will be increased in line with inflation for 2023–24. Households in receipt of working-age and disability benefits will see an increase in their benefit payments.
- The Conservative Government is increasing the National Living Wage to provide £1,600 to two million low paid workers. From 1 April 2023, the National Living Wage will increase by 9.7 per cent to £10.42 an hour for workers aged 23 and over. This represents an increase of over £1,600 to the annual earnings of a full-time worker on the NLW and is expected to benefit over two million low paid workers.
