This time last week, preparations for the Chancellor’s Autumn Statement were in full swing.
A week on, the announcement has been delivered, I did a round of media appearances explaining the key points that were set out, and the focus has now switched to implementation.
The Chancellor has been clear about the scale of the economic challenge facing us and has taken tough but fair decisions to restore economic stability, tackle inflation, and help vulnerable households with the cost of living.
A pandemic, quickly followed by war in Ukraine leading to a once in a generation energy price shock, is unprecedented and the whole world has been hit by rising inflation and interest rates.
The Chancellor was clear that everyone will need to pay more to help restore the public finances, but he has determined that the burden will fall on those with the broadest shoulders, including energy companies.
Higher earners will also be asked to contribute more. The Chancellor has reduced the threshold of the 45p rate of income tax, meaning that people earning £150,000 per year will pay an extra £1,200 in tax.
No Conservative government ever wants to put up taxes. But it has been done in a fair way, protecting the most vulnerable including those on benefits and pensioners by increasing their payments in line with inflation.
To help households, the Chancellor has extended the Energy Bills Support Scheme until 2024 and there will be further cost of living help for those who need it most.
The Chancellor has also given a pay rise to millions of low paid workers worth more than £1,600 a year by increasing the National Living Wage by 9.7 per cent. Funding for hospitals and schools is also increasing in real terms.
The mini budget, with its unfunded tax cuts, was a mistake, but no one except the opposition think it is the main cause of the current crisis, not least because the measures in it were never implemented. The prospect of tax cuts did cause temporary turmoil in the markets, but Jeremy Hunt acted quickly to restore calm.
This Friday, I am looking forward to discussing the Autumn Statement in more detail with local business people from Moore (South), the Business Improvement District and the Chamber of Commerce.
I am also visiting Sarum Academy, holding an advice surgery and attending the always moving Darkness to Light service at Salisbury Cathedral.
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