Today, the Chancellor delivered his ‘mini-budget’ which will help bring more growth and stability for people across Tynedale and Ponteland
My focus remains on supporting households and businesses through the price rises everyone is facing.
The key announcements today were:
Energy
Cutting everyone’s energy bills by £𝟭𝟰𝟬𝟬𝗞 this year through the Energy Bill Relief Scheme.
Supporting businesses, charities, and hospitals through the Energy Bill Relief Scheme.
Income tax
Basic rate cut – 20p to 𝟭𝟵𝗣
Top rate cut – 45p to 𝟰𝟬𝗣
National Insurance
Rise reversed – saving the average worker £𝟯𝟯𝟬 each year
Stamp duty
Abolished below £𝟮𝟱𝟬𝗞 and below £𝟰𝟯𝟱𝗞 for first time buyers
Supporting our local pubs
Freezing alcohol duty for beer, cider, wine and spirits to support our local pubs
Investment Zones
The Government has announced that it will introduce investment zones to drive growth and reduce tax burden for business. Formal invitations for local authorities to bid for these Zones will follow shortly.
For further information on the support available for households and businesses with the cost of living, please click HERE
