This week saw one of the set piece events of the Parliamentary calendar – the Autumn Statement by the Chancellor, the Rt. Hon. Philip Hammond MP. The Autumn Statement traditionally allows the Government to respond to changes in the economy since the Budget Statement in March. As the first major statement on fiscal policy since the referendum on Britain’s EU Membership earlier this year, this Autumn Statement was more keenly anticipated than most.
The Chancellor has brought forward a number of measures to help hard-working local families. Alongside proposals to deliver thousands of affordable homes and help the next generation achieve the dream of owning their own home, the Chancellor also announced that for the seventh successive year the fuel duty escalator brought in by the last Labour Government will be cancelled, saving the average driver £130 a year.
As we prepare to leave the European Union, we need to ensure that Britain is an attractive place to do business. That is why the Government will be prioritising transport and digital infrastructure. Rugby’s location in the heart of England means we are one of the best places in the country for logistics and haulage firms to base themselves. It is great news for local businesses that the Government will be investing over £1bn in the UK’s transport network, including targeted funding to address pinch points on strategic roads. I know that this will be a welcome relief for commuters and businesses alike.
One of the key themes pursued by the Conservatives in Government has been to ensure that it pays to work by allowing people to keep more of what they earn. We have steadily increased the personal allowance, set to rise to £12,500 by 2020, so that over 4 million people on low wages now pay no income tax at all. I am also particularly pleased that the Chancellor has listened to the concerns of those on Universal Credit. Whilst it is important that the country lives within its means, choosing to support those doing the right thing by ensuring that it always pays to be in work is a vital part of helping families.