24 September 2022
Government Goes for Growth with Tax Cut Plan

West Worcestershire MP Harriett Baldwin has backed plans to protect her constituents from sharp energy price rises and a boost for growth which set out a range of tax cuts for working people and businesses.

And new Chancellor Kwasi Kwarteng laid out measures which will help to help people with higher energy costs with average household bills capped at £2, 500 for the next two years and the Energy Bill Relief Scheme will discount wholesale gas and electricity prices for all businesses, charities, schools and hospitals.

Measures which were announced earlier in the year, including a £400 payment to all households to help with their energy bills and specific extra measures for lower income households of up to £2,200 will also stay in place.

The Chancellor also announced a range of tax changes including the reduction of income tax to 19 per cent from next April and the reversal of plans to increase corporation tax and National Insurance.

The Chancellor has also frozen alcohol duties, including cider, increased the stamp duty threshold to help more first-time buyers and families to own their own home.

Harriett said:

“We are facing extreme economic challenges with rising inflation and the weaponization of energy prices following Putin’s illegal invasion of Ukraine.

“The Government has moved swiftly to offer support to householders and businesses and this further plan for growth will help local people and employers to raise their incomes this year and beyond.

“This plan will allow people to keep more of the money they earn in their own pockets and give a helping hand to business to develop ambitious plans to grow and create more jobs and wealth.

“As a member of the Treasury Committee, I will be looking closely at the fiscal economic forecasts and monitoring the impact on growth and inflation closely.”