Aylesbury MP welcomes the Conservative Government’s Growth Plan, helping people across Bucks keep more of their hard-earned money
The MP for Aylesbury, Rob Butler, has welcomed The Growth Plan announced in Parliament today by the Chancellor of the Exchequer. The Plan sets out support for families with their energy bills and unleashes a new era of growth through tax cuts and investment incentives.
Energy bills will be cut by up to £1,400 through the Energy Price Guarantee, whilst businesses eligible for The Energy Bill Relief Scheme will have their energy bills slashed by cutting the price of wholesale gas.
The Chancellor also confirmed local people will benefit from personal tax cuts – reducing National Insurance contributions by 1.25 per cent, putting an extra £330 a year in people’s pockets and helping with cost-of-living pressures. A cut in the base rate of income tax to 19 pence in the pound will take place a year earlier than originally planned, from April 2023. That’s a tax cut for 31 million people in just a few months’ time
Alongside these measures the Conservative Government announced cuts to stamp duty, which will make it easier for people to get on the housing ladder. The nil-rate band will double to £250,000 (from £125,000) and increase to £425,000 (from £300,000) for first-time buyers.
These measures combined mean a typical family moving into a semi-detached property will save £2,500 on stamp duty and £1,150 on energy bills – and if they have a combined income of £50,000 around an additional £560 on tax. This is around £4,200 in total.
Rob Butler MP said:
“In the face of rising energy prices and cost of living pressures it is absolutely right that this Conservative Government under new PM Liz Truss has come forward with a major support package and a plan for growth.
“I warmly welcome the plans set out today, including cuts to National Insurance contributions, Income Tax and Stamp Duty, which will be of particular benefit in Buckinghamshire where house prices are much higher than the national average.
“These changes will all help families to keep more of their hard-earned money.
“Only the Conservatives can be trusted to make the reforms we need to grow our economy – delivering higher wages, lower taxes and more money for our public services.”
The Chancellor of the Exchequer, Kwasi Kwarteng MP said:
“Growth is not as high as it should be. This has made it harder to pay for public services, requiring taxes to rise and cost of living pressures to increase.
“We need to change this and be unashamed in our Growth Plan – expanding the supply side of the economy, through tax incentives and reform, whilst we help families now by cutting their energy bills by £1,400 a year and slashing personal taxes.
“That is how we will deliver higher wages, greater opportunities, and crucially, fund public services, now and into the future.”