Dame Caroline Dinenage, MP for Gosport, has welcomed the announcement of the Autumn Statement by the Chancellor of the Exchequer, The Rt Hon. Jeremy Hunt MP.
The statement delivers on the Prime Minister’s priorities for the economy which are: halving inflation from where they were at the start of the year, getting the economy growing, and reducing national debt.
One of the measures includes a cut to National Insurance from 12% to 10%, a step that will provide support for 27 million working people with the cost of living. This builds on previously announced policies such as the rise in the National Living Wage, which has today been confirmed to rise by 9.8% to £11.44 per hour for those 21 and over.
Class 2 National Insurance, which applies for self-employed people, will also be abolished. This will save on average £192 per year.
In addition, the Government has met its target to halve inflation in comparison to January figures. The latest inflation rate has dropped to 4.7% in October. The economy has also grown by 1.8% compared to pre-pandemic levels, despite previous forecasts of a recession. It has also grown faster than Italy, Japan, Portugal and Spain.
Other measures announced include a rise to the State Pension of 8.5%. Universal Credit and other benefits are also due to be uprated by 6.7%, with an average value of £470 per person.
A National Insurance relief for employers of veterans was also announced to encourage veteran employment, as well as an extra £10m for the Veterans’ Places, Pathways and People programme.
Other measures announced by the Chancellor include:
-A Public Sector Productivity Programme
-Measures to increase private sector investment, by up to £20bn.
-Extended the freeze on the small business multiplier.
-A 75% cut to business rates, up to £110,000 for one year.
Commenting on the statement, Caroline said:
“I am very happy to hear that the Autumn Statement will provide the much-needed support to people in Gosport, Stubbington, Lee on the Solent, and Hill Head.
The measures announced will build on Government’s priorities to tackle inflation, grow the economy, and reduce debt.
It is great to hear that the Government has acknowledged the contribution of our veterans by providing additional funding for the support and employment of veterans. A measure of great importance for our constituency with 12.5% of Gosport residents being a part of veterans’ community.
I also welcome other measures to support our pensioners, self-employed and the increase in benefits for the most vulnerable.”