- Suella has welcomed news that people in Fareham will benefit from the long-term decisions taken by the Conservative Government at the Autumn Statement for Growth.
- The Autumn Statement for Growth 2023 cuts people’s National Insurance contributions, delivers a £11 billion business tax cut, cuts business rates for small business and gets more people into work by reforming welfare.
- This Autumn Statement takes the long-term decisions to reduce debt, cut taxes, reward hard work and back British business – making people and businesses better off.
Suella has welcomed the Conservative Government’s Autumn Statement for Growth, taking the long-term decisions to reduce debt, cut taxes, reward hard work and back businesses in Fareham.
With inflation falling, and global economic conditions stabilising, the Conservative Government are now able to take the long-term decisions required to strengthen the economy and build a brighter future for people across Fareham.
To ensure work always pays under the Conservatives, the Autumn Statement for Growth cuts National Insurance Contributions for 29 million people and reforms the welfare system to toughen up work requirements, ensuring those in the welfare system are incentivised to work.
To back business, the Conservative Government have announced full expensing will be made permanent. That means business have their taxes cut every time they invest in the UK; this is a £11 billion a year tax cut. Businesses across Fareham will also welcome a cut to their business rates.
The Conservative Government are going further with the cost of living to support 1.6 million low-income families with an increase to their housing benefit and have announced the National Living Wage will be boosted by the largest ever cash increase, ending low pay and ensuring hard work is rewarded.
The Autumn Statement for Growth also backs new technologies with a £4.5 billion advanced manufacturing fund and announces new Investment Zones – backing business and supporting new jobs.
The Conservative Government is making huge progress in tackling the long-term economic challenges facing the UK meaning a more dynamic economy that delivers prosperity across the United Kingdom.
Commenting, Suella said:
“This Conservative Government is making progress in tackling the immediate pressures in the economy, such as reducing the rate of inflation to help people across Fareham with the cost of living.
“This Autumn Statement for Growth is a result of the difficult decisions the Government have taken – meaning the Government are now in a position to cut taxes, for businesses and people, and boost economic growth across Fareham.
“Today’s Autumn Statement would not be possible under Labour; they will always take the easy way out with a reckless, permanent increase in borrowing that would see inflation and mortgage rates spiral.
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
“With inflation falling, and global economic conditions stabilising, we are now able to turn our attention to the long-term decisions required to strengthen our economy and build a brighter future.
“Our Autumn Statement for Growth takes those long-term decisions to reduce debt, cut tax, reward hard work and back British business right across the country.
“By doing so we are making huge progress in tackling the long-term economic challenges facing the UK so we can build a more dynamic economy that delivers prosperity across our United Kingdom.”