Thank you for contacting me about the Chancellor's Plan for Growth.
We are facing extreme economic challenges because of rising inflation and the weaponisation of energy prices following Putin’s illegal invasion of Ukraine. That is why I back the Chancellor’s plans to protect you and my other constituents from the sharp energy price rises this winter. If you live in a typical home, your electricity bill has been capped at approximately £2,500 for the next two years. This will save the typical household £1,000 a year and comes in addition to the £400 Energy Bill Support Scheme. You can also see the range of specific measures to help people, especially those on low or fixed incomes summarised by His Majesty’s Treasury here.
The Government has also set out a Plan for Growth by offering support to businesses and employers. The Energy Bill Relief Scheme will discount wholesale gas and electricity prices for all businesses, charities, schools and hospitals for the next six months. In addition, Corporation Tax will be held at 19 per cent and the planned National Insurance rise will be cancelled.
As a member of the Treasury Committee, my job is to scrutinise these plans, as well as those of the Bank of England. You can be sure that I will be keeping a close eye on all these measures, requesting detail on the fiscal economic forecasts, asking detailed questions and monitoring the impact on mortgages, growth and inflation.
Thank you again for taking the time to contact me.