Earlier today (23 March), the Chancellor of the Exchequer, Rt Hon Rishi Sunak MP, delivered his Spring Statement in Parliament. Among the various measures, he announced his new Tax Plan to reduce and reform taxes, plans to tackle the increase in the cost of living and incentivising private sector-led growth.
Rt Hon Sir David Evennett, MP for Bexleyheath and Crayford and Vice Chairman of the Conservative Party for Business, was present in the House of Commons Chamber to listen to the Chancellor. Sir David commented: “this package will be welcomed across the UK as it will help families with the cost of living with the largest ever fuel duty cut, doubling the existing Household Support Fund to £1 billion and raising the National Insurance starting threshold to £12,570 from July to deliver a tax cut for nearly 30 million workers.
“I regularly speak with businesses across the country and know they will also be pleased with the measures contained within the Spring Statement today. In particular, the increase in the Employment Allowance, which will be worth up to £1,000 for half a million smaller businesses”.
Following his Statement, Mr Sunak said: “It is only because this Conservative Government is taking the tough but responsible decisions that we can announce taxes are being cut and debt is falling. Today’s new Tax Plan will help families with the cost of living, create the conditions for private sector-led growth, and share the proceeds of growth fairly. We are delivering the biggest net cut to personal taxes in over a quarter of a century, and that is only possible because of the disciplined approach to public spending that only a Conservative government can provide.”