The Autumn Statement Has a Lot in it For Our Constituency
Greg Hands MP for Chelsea and Fulham reporting back
Jeremy Hunt delivering the Autumn Statement
December 11, 2023
Dear Resident,
I hope you are well and enjoying the beginning of the festive season!
Last month on 22 November, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, presented his 2023 Autumn Statement to the House of Commons, outlining the Government’s tax and spending plans for the year ahead.
With the economy and public finances stabilised after a series of extraordinary shocks, the Government can now take the long-term decisions necessary to strengthen the economy and build a brighter future. As many of you will recall, in January 2023 the Prime Minister set out his five priorities - three of which were economic: to halve inflation, grow the economy, and reduce debt. Since then, inflation has halved, the economy has recovered from the pandemic more quickly than first thought and debt is on track to fall.
As a result of this stability, the Government can focus on reducing debt, cutting tax and rewarding hard work, building domestic, sustainable energy, backing British businesses, and delivering world-class education.
At the 2023 Autumn Statement, the Chancellor announced the biggest package of tax cuts to be implemented since the 1980s. The Chancellor will reduce taxes for 27 million working people from January, cutting the main rate of National Insurance contributions from 12% to 10%. The average worker will see a tax cut of £450 and the Government will boost the National Living Wage by 9.8% to record levels of £11.44 an hour. Business taxes are being cut by £11 billion - for every pound a business invests, its taxes are cut by up to 25p!
There is a lot in these measures for residents of Chelsea and Fulham, and Londoners more broadly. The 2% cut in the main rate of National Insurance will benefit every single one of the four and a half million Londoners in a job from January. The tax cuts will also help the 750,000 self-employed people living in London save around £400 next year. Pensioners are also going to receive an inflation-busting rise in the basic state pension of 8.5% from next year, and benefit claimants will see their income protected in the form of a 6.7% rise at a time when inflation is falling.
London is incredibly important to the UK’s economy; by growing London’s economy, our national economy benefits. The Autumn Statement saw a host of measures that backs our businesses. The announcement to make full expensing permanent will keep investment flowing into London. Across Chelsea and Fulham, and around London, businesses will benefit from Londoners’ increased spending power. The freezing of the business rates multiplier for a fourth consecutive year and the extension of the Retail, Hospitality and Leisure relief we will protect our high streets and the small businesses. In places like the King’s Road in Chelsea, it is those small businesses that make it so special, and it is vital they are protected and supported.
This Autumn Statement takes another step forward in tackling the long-term economic challenges facing the UK, allowing us to build a more dynamic economy that delivers prosperity across the country and the change it needs.
Yours sincerely,
Greg Hands
The Rt Hon Greg Hands MP
Member of Parliament for Chelsea & Fulham
You can follow Greg on Twitter, Facebook and Instagram by searching for @GregHands
P.S. Thank you again to all residents and panellists who attended!
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