Graham Stuart, Member of Parliament for Beverley and Holderness, welcomes the Government’s Plan for Growth which was announced today.
In his first fiscal statement as Chancellor, Kwasi Kwarteng announced an ambitious plan to ensure that the UK economy grows by 2.5% a year. Achieving this higher level of economic growth will help pay for even better schools, hospitals and roads, and increase wages across the UK.
The Chancellor announced that the Government will be limiting everyone’s energy bills by £1400 this year by reducing the expected average annual household energy bill to £2500 until 2024. In addition to this important support, energy bills for businesses, hospitals, schools and charities will be kept to less than half expected levels until at least March 2023. Taken together, these policies will give families, businesses and charities across Beverley and Holderness vital support with their energy bills not just this Winter but across the next two years.
Moreover, the Government is cutting taxes for 31 million people across the UK. By reducing the basic rate of income tax by 1% and reversing the rise in National Insurance, residents in Beverley and Holderness will be, on average, £500 better off next year.
Finally, the Government is helping more people to realise their ambition of owning their own home by cutting Stamp Duty. No one will pay Stamp Duty until £250,000 (up from £125,000) and people in Beverley and Holderness who are purchasing their first home will not need to pay Stamp Duty until £425,000 (up from £300,000). This demonstrates that the Government supports the aspiration of home ownership and is making it more affordable for people to buy their first house.
Following the announcement, Graham said: “Today the Government has taken the first step to make the UK an aspiration nation. By giving families and businesses much needed support with their energy bills, reducing taxes for millions of workers and making buying a house more affordable, this Government is supporting the residents of Beverley and Holderness.”