MP Damien Moore Applauds Government's Progressive Economic Decisions

Damien Moore MP welcomes the Conservative Government’s Autumn Statement for Growth, taking the long-term decisions for a stronger economy in Southport.

Local Member of Parliament Damien Moore MP has welcomed the Government's Autumn Statement for Growth, taking the long-term decisions to reduce debt, cut taxes, reward hard work and back businesses in Southport. 

 

The Government's long-term decisions, coupled with a fall in inflation and stabilising global economic conditions, have created an opportunity to strengthen the economy and build a brighter future for the people of Southport.  The Autumn Statement for Growth exemplifies the most substantial tax cut on investment in modern British history, valued at over £20 billion pounds.  

 

The Government is cutting taxes for 27 million working people across the UK by reducing the primary rate of National Insurance Contributions (NICs) from 12-10%, saving the average worker over £450 per annum. NIC reductions have further been extended to over 2 million self-employed traders, saving the average worker over £350 per annum through abolishing NIC (Class 2) and reducing (Class 4) contributions from 9-8%.  

 

Secondly, the Government is alleviating Cost-Of-Living pressures by boosting the National Minimum Wage by 9.8% to £11.44 an hour, increasing full-time employment on NLW by £1,800 per annum, maintaining the triple-lock; uprating payments by £8.5%, increasing Local Housing Allowance rates for 1.6 million families by £800, and increasing Universal Credit payments for 5.5 million people, increasing payments by 3%. 

 

Thirdly, the Government is supporting local and national businesses by permanently enabling British businesses to offset investment against their tax bill; worth over £20 billion per-annum, freezing Alcohol Duties; alleviating pressures on the hospitality and leisure sectors, freezing the Business Rate Multiplier; saving SMBs £1,650 per-annum, extending the Retail, Hospitality, and Leisure (RHL) relief scheme; providing £2.4 billion pounds in saving for 230,000 properties. And, ending the scourge of late payment, supporting businesses  

 

In coalition, the Government is making significant progress in addressing its long-term economic challenges. The Autumn Statement for Growth is part of a broader strategy to create a more dynamic economy that delivers prosperity across all regions of the United Kingdom.

Damien Moore, Member of Parliament for Southport, said: 

“We’re making considerable progress tackling the most devastating tax on wages and economic growth for Southport’s residents, inflation.  

“The Chancellors Autumn ‘Statement for Growth’ raises the National Living Wage and Local Housing Allowance, while slashing taxes and boosting business investment.

“With these new measures in place, Southport’s economy, SMBs, and communities can continue to thrive, with administered measures and reforms ensuring that work always pays.”

Chancellor of the Exchequer, Jeremy Hunt MP said:

“With inflation falling, and global economic conditions stabilising, we are now able to turn our attention to the long-term decisions required to strengthen our economy and build a brighter future. 

 

“Our Autumn Statement for Growth takes those long-term decisions to reduce debt, cut tax, reward hard work and back British business right across the country.  

 

“By doing so we are making huge progress in tackling the long-term economic challenges facing the UK so we can build a more dynamic economy that delivers prosperity across our United Kingdom.”

-- ENDS –