Rt Hon David Evennett, MP for Bexleyheath and Crayford, was present in the House of Commons today as the Chancellor of the Exchequer, Rt Hon Philip Hammond MP, delivered the Autumn Statement.
Mr Hammond vowed to make the UK’s economy resilient for leaving the EU, whilst continuing to reduce the deficit so the country lives within its means. He also set out the Government’s plans for investment, public spending and the tax system. Some of the measures include:
- Helping people keep more of the money they earn by raising the tax-free personal allowance to £12,500, and the higher rate threshold to £50,000 by the end of the Parliament.
- Increase the National Living Wage from £7.20 to £7.50 in April 2017, which is a further pay rise for 1.3million people and is worth over £500 a year to a full-time worker.
- Introduction of a National Productivity Investment Fund worth £23billion that provides the financial backbone for the Government’s Industrial Strategy.
- Delivering a housing market that works for everyone, with a new £2billion Housing Infrastructure Fund to support 100,000 new homes, and an additional £1.4billion to deliver 40,000 more affordable homes.
- Freezing fuel duty for the seventh consecutive year, saving the average car driver £130 a year since 2010.
Following the statement, Mr Evennett commented: “Six years ago, we took over an economy on the brink of collapse, with the highest budget deficit in our peacetime history. However, we took the tough decisions needed to tackle that deficit, which has now fallen by two thirds.”
“Today the Chancellor has set out how we will continue to tackle the long-term challenges facing our country, such as low productivity, whilst ensuring we deliver on the commitment to support ordinary working class families”
“I particularly welcome the increase in the National Living Wage, the uprating of the tax free-personal allowance, continuing the fuel duty freeze for the seventh consecutive year, and the reduction in corporation tax”.