Justin Tomlinson MP

Justin Tomlinson MP

MP For North Swindon

Chancellor Sets Out Government's Economic Plan

Today the Chancellor Jeremy Hunt set out in the Autumn Statement how the Government will restore economic stability, protect key public services, help control inflation, and boost growth.

The plan is fair and involves a roughly equal split between tax rises and spending cuts, with the greatest burden falling on those who can afford it most.

Measures set out in the plan include:

📈 The additional rate of 45% income tax threshold changing from £150k to those earning over £125,140.

🌍 New global tax rules to make sure multi-national corporations pay their fair share in UK Tax, generating £2.3 billion a year.

⛽Increasing the rate of the Energy Profits Levy to 35% and extending it, as well as introducing a new levy on electric generators, expected to generate £55 billion

🔒 Protecting the pension triple lock, meaning pensions and pension credit will increase 10.1%

📈 Working age benefits rising in line with inflation, an increase of 10.1%

🏠 A further £1bn to extend the Household Support Fund over 2023-24 – with households on means tested benefits to get £900; pensioner Households to receive £300; and individuals on disability benefits to receive £150

💷 The National Living Wage to increase to £10.22/hr, meaning a £1,600 annual increase for a full-time worker on the National Living Wage

🏪 £13.5 billion Business Rates support package to help businesses weather the changing economic climate

✏️ £2.3 billion increase in the schools budget next year – a real terms increase in funding per-pupil

👩‍⚕️£8 billion more for health and social care next year

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