Statement from Southport MP Damien Moore on today’s economic announcement.

Today the Chancellor, Kwasi Kwarteng, announced a ground-breaking set of measures to assist with
the cost of living and get our economy growing.
The Government has frozen household energy costs for the next two years, protecting residents
across Southport from steep bill rises as a result of the global wholesale price increases. Businesses
and other organisations such as charities, schools, hospitals, and care homes will see their costs
guaranteed too.
This will be done by capping the amount consumers pay per unit of energy they use - the cost of
energy for the typical household was expected to rise to £3,549 (£295 per month) from October,
with further increases every few months for the foreseeable future. Under these measures, bills will
instead be frozen at £2,500 until October 2024.
Alongside the price freezes, the previously announced support measures will go ahead as planned -

such as a £400 automatic discount for all households this winter, a £300 Winter Fuel Allowance top-
up payment for pensioners, a £150 payment for those with disabilities, and the second half of the

£650 payment for those on low incomes.
As we did with the Furlough and other pandemic support schemes, this Conservative Government is
taking unprecedented action to protect people and organisations right across the country. These
measures are expected to reduce peak inflation by 5%, further supporting people against price
increases.
Also announced today was a cut in the basic rate of income tax from 20% to 19% and the scrapping
of the planned National Insurance increase. As an illustration, a couple both earning the median
average salary in the North-West can expect to save over £600 per year from April 2023.
A number of further measures to increase the UK economy’s competitiveness, stimulate growth, and
ensure that work pays were also announced.
So whether it is cutting the basic rate of income tax, cancelling the national insurance rise, freezing
household energy bills for two years, reducing inflation by 5%, continuing to issue direct support
payments, or making our economy more competitive – this Conservative Government is on your