Chancellor’s Autumn Statement

David Evennett, MP for Bexleyheath and Crayford, has welcomed measures announced by the Chancellor of the Exchequer in his Autumn Statement in the House of Commons this afternoon (5 December). Rt Hon George Osborne MP outlined the progress that the Government is making on reducing the annual budget deficit, highlighting figures that show that the deficit has already been cut by a quarter and will continue to fall.

Mr Osborne made a number of commitments to help those who are struggling, ensure that those who earn most pay their fair share and invest in education and infrastructure to make Britain more competitive. The Chancellor also announced that the fuel duty rise, planned for January, would be scrapped.

Some of the key proposals were:

Labour’s 3p fuel duty rise scrapped: Petrol will be 13p per litre cheaper than it would have been under Labour.

State pension to rise to £110.15 per week: An above-inflation 2.5% rise thanks to the Conservatives’ triple lock guarantee on pensions.

Income taxes cut: An extra £235 increase in the income tax personal allowance from April 2013 and an increase in the 40% threshold.

Business taxes cut: A further cut in Corporation Tax to 21% by April 2014, with action to ensure that the banks do not benefit from this.

Lower welfare rises: Out of work benefits will only rise by 1% for the next three years, rather than inflation.

Investing in education: £1billion to improve good schools and build new academies and free schools.

Commenting on the Autumn Statement, Mr Evennett said “Labour left a legacy of economic and financial mismanagement, which means that the situation remains tough and will continue to be so. However, this Government has taken the necessary steps to fix our economy, help local people and ensure that Britain has the necessary resources and infrastructure to be amongst the world’s leading economies.

“The Autumn Statement shows that Conservatives in Government are on the side of those who want to work hard and do the right thing. I am pleased that the Chancellor has listened to the representations made on fuel duty and is taking action to help those on low incomes.”