Harriett Baldwin, West Worcestershire's MP and Chair of the Treasury Select Committee, has welcomed this week's tax-cutting measures revealed in the Chancellor's Autumn Statement on Wednesday. Earlier in the week Harriett, along with a packed WWCA Annual Dinner, was treated to a pre-statement speech by Jeremy Hunt before he rushed back to London to put the finishing touches to the statement.
Falling inflation and stronger economic projections enabled the Chancellor to announce the implementation of 110 measures to stimulate growth. He was also able to confirm support to help people with the cost of living, cuts to National Insurance payments and an increase in the National Living Wage by 9.8%.
In addition the pensions triple lock was once again protected. This means that the state pension will rise by 8.5% from April. Working age benefits will also increase, by 6.7%.
Fuel and alcohol duties were once again frozen and the Chancellor confirmed a business rates package worth £4.3 billion to support the hospitality, retail and leisure industries.
Harriett said: "This time last year, inflation was over 11% and the Chancellor had to introduce a range of important and difficult measures to bring the economy under control."
"Latest figures show that inflation has fallen to 4.6% and these forecasts are good enough to allow the Chancellor to cut taxes whilst maintaining the right level of support for lower paid workers and those struggling with the cost of living. In my role as Chair of the Treasury Select Committee I will be asking detailed about his choices next week. But this autumn statement is extremely positive news for local people and local employers and I am confident that as inflation gets under tighter control, the economic picture will become increasingly brighter next year."
