Rob, who is PPS to the Chancellor, has today welcomed the Autumn Statement, which sets out the next steps in the Government’s long-term economic plan.
He has also welcomed measures in the Autumn Statement to help hardworking people in Reading East.
The Autumn Statement confirmed the Government’s economic plan is working, and that Britain is on the road to economic recovery.
- GDP forecasts were revised up from 0.6% to 1.4% in 2013 and from 1.8% to 2.4% in 2014.
- Unemployment is predicted to fall to 7% in 2015 and 5.6% in 2018.
- The deficit was 11% in 2009/10. It is projected to fall to 6.8% this year – lower than the 7.5% forecast in March. It will fall to 5.6% in 2014/15 and 4.4% in 2015/16. By 2018-19 the OBR expects to run a surplus
The Chancellor also announced key measures to help hardworking businesses, families and young people in Reading East:
Reducing the burden of business rates:
o Help for the high street: up to £1,000 allowance in 2014/15 for retail premises with a rateable value of up to £50,000 – including shops, pubs, cafes, and restaurants.
o Capping the increase in bills to 2% in 2014-15 – businesses were expecting a 3.2 % rise.
o Extending the doubling of the Small Business Rates Relief to April 2015.
Freezing fuel duty until 2015:Fuel duty will be frozen for the remainder of the Parliament. It will be 20p per litre lower by the end of the Parliament compared to plans inherited from Labour. This saves the average motorist £11 every time they fill up their tank.
Scrapping employers’ National Insurance for under-21s Earnings of up to £813 per week (equivalent to the higher tax rate).
Giving young people the skills they need to succeed.Jobcentre Plus will help 16 and 17 year olds not in work find an apprenticeship or a traineeship. There will also be a pilot so anyone aged 18 to 21, who does not have basic maths or English, has to undertake training immediately or lose benefits.
Freezing rail fares Limiting the cap on average regulated rail fare increases to RPI for 2014.
Free school mealsWe’ll provide funding for free school lunches for all state-funded pupils in reception, years 1 & 2, and disadvantaged students in 6th form colleges from Sep 2014.
£50 off energy bills Households will save an average of £50 on their energy bills.It reduces the impact of government policies on energy bills, while maintaining support for the poorest families.
Rob commented: “There is good news for people in Reading, Caversham, Woodley and Earley in the Autumn Statement today – the jobs tax on all young people under 21 abolished, real help for the high street, energy bills down, fuel duty frozen, and rail fare increases frozen.
“This is all welcome support, but as the Chancellor said the job is not done.
“We are only able to help hardworking people because we have taken difficult decisions to control spending. We are building a responsible recovery and our plan is working, but we need to keep going”.