Last week, the Chancellor brought forward the Government’s Autumn Statement to a bustling House of Commons chamber, with good news for everyone in West Sussex. The biggest measure set out in the Statement was a cut to everyone’s National Insurance contributions, meaning that someone on the average salary will save around £350 a year. The Statement also boosted pensions, in line with the Government’s commitment to the Triple Lock, meaning those who have worked hard their whole lives will receive an 8.5% increase in their state pension. All of the tax cutting measures meant this was the biggest package of tax cuts in over 30 years.
The Chancellor’s Statement also showed a true commitment our high streets and West Sussex businesses. Our small businesses will benefit from an extension of business rate cuts, protecting our vibrate community centres, and our pubs will continue to benefit from a freeze in alcohol duty – keeping the cost your pint down. For every pound businesses now invest, their taxes are cut by up to 25p – with factories able write off all investment in plant and machinery – and the Government is implementing a plan to get 1.5 million people who are currently in the welfare system back into work.
This significant plan to keep the British economy moving forward is possible as the Government had previously taken decisions to limit its spending after supporting so many people through Covid and cost of living challenges. Since meeting its targets on halving inflation, growing the economy and getting debt down, the Government has been able to stick to its promise to cut taxes at the right time.
This coming Saturday is celebrated across the UK as Small Business Saturday. Recognising the immense contribution our small businesses across West Sussex make, I would urge you take the opportunity to visit your local high street this weekend to support our vibrant businesses which make our communities glow.
