Rejoice, rejoice, just rejoice at the news!
Be grateful that our fourth Chancellor in three months has ensured that the economy is just totally Sunakered and not completely Trussterfucked. (To quote loosely from two sources).
Our PPS’s enthusiasm for swinging in behind the Tory economic wrecking-ball shows no bounds. – Owl
Simon Jupp MP has backed tax rises and other measures revealed in Chancellor Jeremy Hunt’s Autumn Statement on Thursday (17 November).
The East Devon MP previously supported major tax cuts in former chancellor Kwasi Kwarteng’s mini-budget in September.
Mr Jupp described the decisions in the Autumn Statement, which also include spending cuts, as “tough but fair” and they would “restore economic stability and tackle inflation.”
He said in a statement: “Like many countries around the world, the UK is facing profound economic challenges – Putin’s illegal invasion of Ukraine and the Covid pandemic have cost our country billions.
“I wanted to touch on some of the headline matters today, based on the issues raised with me in recent constituency surgeries and correspondence.
“The state pension will rise in line with inflation – 10.1 per cent. I have repeatedly emphasised with the Prime Minister and Chancellor the importance of restoring the triple lock to help protect pensioners’ spending power because it offers vital economic security for many people in East Devon.
“The standard minimum income guarantee in pension credit will also increase in line with inflation from April 2023. Additionally, I also spoke with the Chancellor regarding benefits. Today, he announced that working age and disability benefits will rise by inflation, supporting the most vulnerable.
“I am particularly pleased to learn that there will now be £4.4 billion of additional funding for schools over the next two years. I have spoken with several East Devon school heads in recent weeks to raise their concerns about recruitment and funding with the Secretary of State for Education. The extra money will help schools locally and I will continue to work with education leaders across East Devon.
“I know there has been some uncertainty about the government’s energy bill support beyond April 2023. We now know that the government will extend the energy price guarantee for twelve months until April 2024, although at a higher level of £3,000 per year for the average household. This will come alongside direct support for 8 million low-income households.
“The government will also double to £200 the level of support for households that use heating oil and liquified petroleum gas to heat their homes. Many residents in particularly rural parts of East Devon told me the £100 initially announced some months ago wasn’t enough. I agreed and made the case for an increase.
“I believe it’s right that those with more contribute more. Two policies stand out in this regard: the point at which the highest earners start paying the top rate of tax will be lowered from £150,000 to £125,140; and energy firms will pay an expanded windfall tax of 35%, up from the 25% already levied on their profits.
“Thanks to the action taken today, our borrowing costs are broadly back in line with comparable countries. Although we will now see some tax increases, the Chancellor has not raised headline rates of taxation, and tax as a percentage of GDP will increase by just 1% over the next five years.
“Today’s Autumn Statement protects those on the lowest income, restores economic stability, and tackles inflation.”