Local MP, Caroline Dinenage, has welcomed the Chancellor’s Autumn Budget and Spending Review, which provides the foundations for a stronger economy across every part of the United Kingdom as the country continues its recovery from the pandemic. These measures will support our area’s recovery from the pandemic by driving growth, opportunity & prosperity.
Investments which will support people across Gosport, Lee on the Solent, Stubbington and Hill Head include:
- Increasing the National Living Wage to £9.50, giving a £1000 pay rise to 2m of the lowest paid
- Increasing schools funding by over £4.7 billion
- Significant tax cut for low-income families by reducing the Universal Credit taper rate from 63% to 55%
- Cutting Business Rates by 50% next year for retail, hospitality and leisure businesses, supporting our High Streets
- Tackling rough sleeping with additional funding of £640 million a year, an 85% increase compared to 2019
- Freezing Fuel Duty for the twelfth year in a row, meaning the average driver has saved £1900 since 2010
- Cutting Beer Duty which means a permanent 3p per pint!
Other measures people across the Gosport Constituency will welcome include record investment in our roads and broadband, and a huge uplift in skills training through T-levels, Institutes of Technology, and apprenticeships.
Measures that will benefit the South East include over £495 million for local roads maintenance over the next three years, as well as over £141 million for smaller transport improvement priorities through the Integrated Transport Block.
The South East will also benefit from a share of the £2.6 billion UK Shared Prosperity Fund – focused on helping people into jobs and supporting businesses across the UK – £560 million funding for the Youth Investment Fund and National Citizen Service, and £5 billion for Project Gigabit, rolling out gigabit capable broadband for homes and businesses across the UK.
The Budget strengthens the country’s public finances and will get debt falling again, following the £400 billion package of support put in place during the pandemic. The new fiscal rules set out today by the Chancellor will require the Government to only borrow to invest and get debt falling by 2024, in line with the Conservative Government’s 2019 manifesto commitment.
Commenting, Caroline said:
“This budget delivers a strong economy for people in Gosport, Lee on the Solent, Stubbington and Hill Head.
It strengthens public finances, helps working families, supports businesses, delivers stronger public services and drives economic growth.”
Commenting, Chancellor of the Exchequer Rishi Sunak said:
“One year ago, this country was in the grip of the biggest recession in 300 years. Thanks to our Plan For Jobs, we are today recovering faster than our major competitors, more people are in work, and growth is up. But uncertainty in the global economy means that recovery is now under threat.
“That is why this Budget and Spending Review delivers a stronger economy for the British people–strengthening our public finances, helping working families meet the cost of living, supporting businesses, delivering stronger public services, and driving economic growth.
“This is a Budget which will level up every part of the United Kingdom. It is a Budget which provides the foundations for a stronger economy.”