A central responsibility for any Government is to do what is necessary for economic stability. This is vital for businesses making long term investment decisions, families concerned about their bills, their mortgages, and the cost of living, and protecting the most vulnerable in society.
Since last month, global economic conditions have worsened – and because of this we have had to adjust our programme. Interest rates are rising globally, so we need to act in a responsible way.
The new Chancellor Jeremy Hunt announced today that we have decided to make further changes to the Growth Plan – we will not be proceeding with the planned cuts in corporation tax, income tax, or the majority of other planned measures – and we will review the energy bill support package after April 2023 so that we target our help on those most in need.
I welcome that the Chancellor gave me an assurance that levelling up to places like Newcastle-under-Lyme would continue to take place. We remain committed to spreading opportunities, growth and investment across this nation.