Southport MP comments on today's budget

This is a Budget that fixes the foundations to deliver change by fixing the NHS and rebuilding Britain. It's a budget that prioritises working people, ensuring they don’t face higher taxes in their payslips. It’s about putting more money into people’s pockets.

During the general election, I spoke with many voters who told me they wanted to see a government that was on their side and delivered for them. This Budget marks that turning point, moving us away from 14 years of the Tories always asking working people to pick up the bill. Today’s Budget shows that this government is listening and delivering. 

Working people won’t face higher taxes in their payslip, with no increase in National Insurance, the basic, higher, or additional rates of Income Tax, or VAT.

Here are just some of the measures that will provide real support to people across Southport and beyond in the face of the ongoing cost of living crisis:

- Increasing the National Living Wage to allow for an increase of 6.7% to £12.21 per hour for full time workers on the NLW – worth up to £1,400 for a full-time worker.
- Providing £1 billion to extend the Household Support Fund and Discretionary Housing Payments.
- Preserving the State Pension Triple Lock, which will see the basic and new State Pension and Pension Credit’s standard minimum guarantee uprated by 4.1%, with over 12 million pensioners gaining up to £475 next year.
- Reducing the cap on deductions from Universal Credit to repay debts from 25% to 15% of the standard allowance from April 2025.
- Increasing the carers allowance weekly earnings limit to allow them to work more hours before losing their entitlement.

I welcome the announcement that Rachel Reeves is protecting our high streets like Lord Street in Southport by making business rates in England fairer. 

Rachel also announced today that this government will introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with rateable values less than £500,000, alongside 40% relief next year for RHL properties. 

This Labour government is also freezing the small business multiplier for one year to protect over a million small properties from inflationary bill increases, providing much-needed relief to our small business owners. 

Small business owners across Southport will also be glad to hear the government is also choosing to protect small businesses by increasing the Employment Allowance to £10,500 and expanding it to all eligible employers. This will provide much-needed support for small businesses, allowing them to hire, grow, and thrive.