Gosport MP, Dame Caroline Dinenage, has cautiously welcomed the government’s Autumn Budget to get inflation under control, protect public services whilst maintaining fiscal responsibility.
The Chancellor of the Exchequer, Jeremy Hunt, announced a number of measures to reassure financial markets and grapple inflation.
Mr Hunt announced measures to reduce public spending and find efficiencies in public services, whilst protecting essential NHS, education, defence and welfare spending.
Amongst these were:
- Protection of the triple lock on state pensions & benefits uprating in line with inflation.
- Increase to the National Living Wage to £10.42 from April.
- £6.6 billion increase to the NHS budget over 2 years, and an extra £4 billion for schools over 2 years.
- A recommitment to the Glasgow Climate Pact, and investment in clean nuclear energy.
- Maintaining defence spending with a view to increasing it after a spending review before the Spring statement.
- Energy Profits Levy increased to 35%, with a 45% tax on electricity generators.
Commenting, Caroline said:
“This budget is designed to reassure the markets and local people that this is a sensible, pragmatic government with the country’s best interests at heart. It protects market confidence in the economy by reducing government spending, whilst protecting vital public services.
“A high inflation rate is damaging to the economy. Inflation causes instability, deters investment and erodes incomes. Tackling inflation will help ease the cost of living.
“The Chancellor protected our most valuable public services, with increased budgets for the NHS, schools and a maintenance of defence spending. He has also signalled his commitment to the triple lock on pensions, and increasing benefits in line with inflation. This will be welcome news to my constituents.”