Local MP Alan Mak has welcomed Chancellor Rishi Sunak’s Spring Statement, which has provided additional costed support for households, businesses and communities across the Havant Constituency.
Residents across the Havant Constituency will benefit from the Conservative Government’s plan to deliver on the biggest cut to personal taxes in over a quarter of a century.
Measures set out by the Chancellor included slashing fuel duty by 5p for 12 months, raising the national insurance personal threshold from £9,500 to £12,570 in line with income tax so people keep more of the money they earn, cutting the basic rate of income tax to 19% by the end of this Parliament, raising the employment allowance to £5000 to help small businesses, and doubling the Household Support Fund to £1bn to help those most in need or on benefits.
The IMF said the UK had the fastest growing economy in the G7 last year – the Spring Statement from the Chancellor shows the Government’s commitment to remain responsible on public spending and public finances to protect and increase this growth whilst helping families with the cost of living.
Local MP Alan Mak said: “The situation in Ukraine and the debt incurred from our fight against COVID has created a perfect storm of economic forces that without Government support would have impacted Havant Constituency residents. That’s why I am delighted that the Chancellor has announced additional support for local residents, business and communities in the Spring Statement.”
Chancellor Rishi Sunak said: “Today’s new Tax Plan will help families with the cost of living, create the conditions for private sector-led growth, and share the proceeds of growth fairly. We are delivering the biggest net cut personal taxes in over a quarter of a century, and that is only possible because of the disciplined approach to public spending that only a Conservative government can provide”.
