Richard has welcomed the Chancellor’s Autumn Budget and Spending Review this week and on Thursday contributed to the second day of the Budget debate.
Commenting, Richard Fuller, MP for North East Bedfordshire, said:
My overall view is that the Chancellor has delivered a fair and thoughtful budget in the midst of undoubtedly difficult times. I particularly welcomed the investment in rural bus services, active travel networks and special educational needs provisions, all of which require greater support in North East Bedfordshire and which will be welcomed by residents across the constituency.
I remarked that constituents would be less happy with the current high levels of taxation and will be keen to see the Chancellor fulfil his commitment to lower taxes as soon as possible. Most people support investment in public services, particularly the Health Service, however ultimately, it is the quality and efficiency of our public services rather than the amount of money invested that is the true barometer of public satisfaction.
I remain convinced that this Prime Minister has a transformative agenda that will unleash the talents and resources of the British people to maximise the potential of our exit from the European Union and grasp the opportunities of Global Britain. This budget succeeded in providing the basis and confidence for that bold ambition to be realised.
The Budget prioritises helping working families and vulnerable households with the cost of living, including through a significant tax cut for low-income families by reducing the Universal Credit taper rate from 63 per cent to 55 per cent, a 6.6 per cent increase in the National Living Wage to £9.50 an hour – giving a £1,000 pay rise to 2 million of the lowest paid – lifting pay restraints for public sector workers, a freeze in fuel duty for the twelfth consecutive year, and a freeze in alcohol duty – alongside radical reform to make the system simpler, fairer and healthier.
Businesses will also benefit from new measures, including a 50 per cent cut in business rates next year for 90 per cent of retail, hospitality and leisure – alongside a freeze of all rates – the creation of new business rates relief to encourage green technologies and improvements to properties, and a doubling of creative industries tax reliefs for the UK’s world-leading theatres, orchestras, museums and galleries.
Other measures to drive economic growth include record investment in our roads, railways and broadband; supporting innovation through a record £20 billion spending on R&D; and a huge uplift in skills training through T-levels, Institutes of Technology, and apprenticeships.
As part of the three year Spending Review delivered alongside the Budget, total government departmental spending will increase by £150 billion by 2024 – a 3.8 per cent annual real terms increase – the largest real terms increase this century, and record levels of capital investment not seen in 50 years.
This funding increase will help to deliver on the Conservative Government’s key manifesto promises, including building 40 new hospitals, recruiting 20,000 police officers, and raising per pupil spending in schools to record levels.
Underpinning these measures, the Budget strengthens the country’s public finances and will get debt falling again, following the £400 billion package of support put in place during the pandemic. The new fiscal rules set out by the Chancellor will require the government to only borrow to invest and get debt falling by 2024, in line with the Conservative Government’s 2019 manifesto commitment.
To watch Richard's contribution to the budget debate, please visit this page. The Budget and Spending Review documents can be found here.
