Richard Benyon has welcomed the Chancellor’s Autumn Statement and how it will benefit the people of Newbury.
On Wednesday, presenting the first Autumn Statement since the vote to leave the European Union, the Chancellor said it tackles the “economy’s long-term weaknesses such as the productivity gap, the housing challenge, and the damaging imbalance in economic growth and prosperity across our country. We resolve today to confront those challenges head on, to prepare our country to seize the opportunities ahead, and, in doing so, to build an economy that works for everyone—an economy where every corner of this United Kingdom is part of our national success.”
He confirmed that the Government is committed to ensuring an economy that is robust enough to meet the challenges ahead post Brexit and create an economy that works for everyone.
The measures in the Autumn Statement that will affect people in Newbury:
· Help for low earners:
o Raising the personal allowance to £11,500 in April and £12,500 by the end of the Parliament
o Increasing the living wage from £7.20 to £7.50 and a further £4.3 million per year to strengthen Minimum Wage enforcement.
o Universal Credit taper rate to be cut from 65 to 63%. This will mean those on low income will keep more of what they earn and encourage individuals to progress in work
· Helping people get on the housing ladder
o £2.3 billion Housing Infrastructure fund to provide 100,000 new homes in high demand areas
o £1.4 billion to provide 40,000 more affordable homes
o Banning upfront charges by letting agencies
· Backing business in West Berkshire
o Cutting corporation tax to 17% by 2020
o Reduce the business rate burden by £6.7 billion over the next 5 years
o This will help the nearly 9,000 businesses registered in the Newbury constituency
· Road infrastructure
o Commitment to the Oxford to Cambridge expressway, which will see improvements for traffic on the A34
o A £220 million scheme to help free up pinch points on key parts of the road network
In response to the measures, Richard Benyon said:
“The measures announced in this Autumn Statement will help local people who are just about managing, and ensure that our economy is fighting fit as we begin the process to leave the European Union.
“Increasing the National Living Wage, building more homes that local people can afford, ending tenants’ fees and continuing the fuel duty freeze for the seventh successive year will help families across Newbury make ends meet.
“By backing businesses, investing in our transport networks and securing world-class digital infrastructure, we will keep Britain moving and support our economy for the future.
“This is about putting working families in Newbury first, and building an economy that works for everyone.”