In the face of Putin’s war in Ukraine and rising energy prices we must adopt a new approach focused exclusively on economic growth. The Government are being bold in this pursuit: higher growth means we can unleash the UK's potential and deliver better jobs, more funding for public services and higher wages for the British people.
The Chancellor has set out measures that will make people in Newcastle-under-Lyme better off, allowing people to keep more of their earnings. Our measures will also boost our international competitiveness, attracting internationally-mobile businesses and workers to the UK, paying tax here rather than in other countries.
The reversal of the national insurance increase will mean £330 a year, on average, for 28 million people - starting in your November pay packet; and the cut in the basic rate to 19p will put even more into the average person’s pocket next April.
We are also protecting families and businesses from the shock of international energy prices. Combining both our tax cuts and expected savings through the Energy Price Guarantee means that in the year from April a typical person in a semi-detached property will save £1,150 on the household's energy bills - and if they are earning £30,000 almost an additional £400 on tax. This is around £1,550 in total.
We have also CUT stamp duty by raising the threshold at which this is paid to £250,000, or £425,000 for first-time buyers.
A typical family moving into a semi-detached property will save £2,500 on stamp duty and £1,150 on energy bills – and if they have a combined income of £50,000 around an additional £560 on tax. This is around £4,200 in total.
You can read the full plan here.