Local MP Alan Mak has welcomed the Government’s Autumn Budget and Spending Review saying it will help working families across the Havant Constituency meet the cost of living, support businesses’ recovery, deliver world-class public services, and drive economic growth in our area and across the country.
The Budget prioritises helping working families and vulnerable households, including across the Havant Constituency, with the cost of living, including through a significant tax cut for low-income families by reducing the Universal Credit taper rate from 63 per cent to 55 per cent, a 6.6 per cent increase in the National Living Wage to £9.50 an hour – giving a £1,000 pay rise to 2 million of the lowest paid – lifting pay restraints for public sector workers, a freeze in fuel duty for the twelfth consecutive year, and a freeze in alcohol duty – alongside radical reform to make the system simpler, fairer and healthier.
Businesses across the Havant Constituency will also benefit from new measures, including a 50 per cent cut in business rates next year for 90 per cent of retail, hospitality and leisure – alongside a freeze of all rates – the creation of new business rates relief to encourage green technologies and improvements to properties, and a doubling of creative industries tax reliefs for the UK’s world-leading theatres, orchestras, museums and galleries.
As part of the three year Spending Review delivered alongside the Budget, total government departmental spending will increase by £150 billion by 2024 – a 3.8 per cent annual real terms increase – the largest real terms increase this century, and record levels of capital investment not seen in 50 years.
Alan Mak MP said: “Increasing the National Living Wage and cutting tax for Universal Credit recipients gives a pay rise to workers across the Havant Constituency, whilst freezing fuel and cutting business rates helps our local economy.”
He added, “The Budget backs working people across the Havant Constituency whilst investing in our public services as we recover from the pandemic. Our economy is growing faster than our major competitors, and with Havant part of the new Solent Freeport and businesses like Sartorius and BioPure creating new jobs in our area, the outlook is positive.”
Key measures to help working families meet the cost of living and supports vulnerable households include:
- A significant tax cut for low-income families by reducing the Universal Credit taper rate from 63% to 55%
- Raising the National Living Wage by 6.6% to £9.50, giving a £1,000 pay rise to 2m of the lowest paid
- Freezing fuel duty for the twelfth year in a row, a £1.5 billion tax cut for motorists
- Freezing alcohol duty and radically reforming the system to make it simpler, fairer and healthier
- Cutting beer duty by 3 pence in a pint in a pub through our new Draught Relief
- Increasing pay for public sector workers following a period of more targeted pay
- Creating a new half price rate of Air Passenger Duty for domestic flights within the United Kingdom
The Budget supports businesses with post-Brexit tax reforms, tax cuts and incentives to invest including:
- Cutting business rates by 50% next year for 90% of retail, hospitality and leisure, and freezing all rates
- Creating a new business rates green/growth tax relief and extending the Annual Investment Allowance
- Reforming our tonnage tax so British merchant ships are rewarded for flying the Union Jack
- Doubling creative industries tax reliefs for our world-leading theatres, orchestras, museums and galleries
- Extending our generous business rates relief for all regional airports in England
Further details about the Budget can be found online here: https://www.gov.uk/government/publications/autumn-budget-and-spending-review-2021-documents
Photo: Alan Mak MP joins the Chancellor's team outside Number 11 Downing Street on Budget Day
