Today, the Chancellor of the Exchequer, Jeremy Hunt MP, announced his Autumn Statement.
Nickie Aiken, Member of Parliament for the Cities of London & Westminster, welcomed the Statement which came following tough decisions by the Government to halve inflation and grow the economy. Today's Statement outlined long-term decisions to drive economic growth and strengthen our economy.
The Chancellor announced an 8.5% increase to the state pension, in line with the Triple Lock to ensure older people get the support they deserve.
All working-age benefits will also increase by 6.7%, boosting benefit payments by an average of £470 a year.
A tax cut of 2% for National Insurance Contributions, saving the average worker £450 a year, as well as cuts to National Insurance Contributions for the self-employed.
£5 million was committed to the Fleming Centre, a joint initiative between Imperial College London and Imperial NHS Trust to fight antimicrobial resistance. Based at St Mary’s Hospital and named after the inventor of penicillin Dr Alexander Fleming, it will inspire the next generation of world-changing inventors.
There’s also continued support for our high streets, with the 75% business rates discount for hospitality, retail and leisure businesses extended for another year, and a freeze to the small business multiplier. This will help thousands of our pubs, restaurants and shops in the Two Cities.
Businesses will also see the biggest tax cut in modern history, with “full expensing” made permanent so they can invest more for less.
Building on the Chancellor’s Mansion House Speech, pension reforms will drive investment into high-growth sectors, generating increased returns, and helping our life sciences, data, and technology firms thrive in the City of London.
And, there will be reforms to the planning system to tackle the delays faced by businesses in building infrastructure enabling guaranteed faster decisions in exchange for a fee and refunds where this is not met, as well as additional funding to unlock thousands of homes across the country.
Other measures include action to support people into work, further Cost of Living payments, and up to £20 million to accelerate dementia research. Nickie also welcomes the Government’s commitment of £7 million to charities such as the Holocaust Educational Trust, and a further £3 million to the Community Security Trust to tackle anti-semitism.
