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 £๐ญ๐ฐ๐ฌ๐ฌ๐ 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 ๐ญ๐ต๐ฃ
Top rate cut – 45p to ๐ฐ๐ฌ๐ฃ
National Insurance
Rise reversed – saving the average worker £๐ฏ๐ฏ๐ฌ each year
Stamp duty
Abolished below £๐ฎ๐ฑ๐ฌ๐ and below £๐ฐ๐ฏ๐ฑ๐ 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