Graham Stuart, Member of Parliament for Beverley and Holderness, is delighted that the Chancellor has announced a number of new measures that will boost workers’ pay and enhance high streets across Beverley and Holderness.
27 million people will receive a tax cut from January worth £450 for the average worker as National Insurance will be cut by 2%. In addition to this, workers earning the National Living Wage will receive a 9.8% increase in their pay as the rate increases to £11.44 an hour, worth up to £1800 for people working full time. This will ensure that workers across Beverley and Holderness will keep more of their hard-earned money.
We are fortunate to have many fantastic pubs and small businesses who are the backbone of our area. The Government knows they are important which is why they are freezing alcohol duty until August 2024 and extending business rates relief for our high streets until 2025.
The Chancellor also announced a series of measures to help people with the cost of living. From April, Universal Credit payments will increase by 6.7%, worth approximately £470 a year for 5.5 million households. The State Pension will also increase by 8.5%, worth £900 a year which is one of the largest ever cash increases in history. It is vital that we give the greatest help to those who need it, and this shows the Government remains committed to doing that.
Chancellor of the Exchequer Jeremy Hunt said: “This is an Autumn Statement for a country that has turned a corner. We are cutting taxes to help bigger businesses invest, cutting taxes to help smaller businesses grow and for the 27 million workers so they keep more of the money they earn. This is all part of our plan to grow the economy.”
Beverley and Holderness MP Graham Stuart commented: “Hard working people and ambitious businesses are at the heart of our economy.
“That is why I am delighted that more of their money will stay in their pockets which they can use to spend and invest in our high streets.”
