I was in the House of Commons today to listen to the Chancellor deliver his Autumn Budget. The Chancellor revealed that the deficit as a percentage of GDP is expected to fall by 0.5% to 1.9% next year, due largely to borrowing forecasts falling by £8.4 billion since the Spring Budget.
Headline announcements included the elimination of stamp duty for first time buyers of properties worth up to £300,000, improvements to the Universal Credit rollout and above-inflation rises in the National Living Wage and National Minimum Wages for all age bands. The NHS will also see £2.8bn in additional investment, £15bn extra will be set aside for housebuilding and £2.3bn will be put towards science and innovation taking R&D spending to its highest level in 30 years. These were just a few of the announcements in the Budget, which also tackled tax evasion, industrial strategy and environmental protection among many other things.
I am happy that the Chancellor has outlined a positive plan for the UK’s economy that builds homes, boosts our public services and rewards hard working people with lower taxes and higher wages. The tax free allowance and the threshold for paying the higher rate of income tax have risen again and minimum wages for all age bands, as well as the National Living Wage, have all been raised above inflation.
Having called for a reconsideration of the Universal Credit rollout, I welcome the elimination of the seven day waiting period for Universal Credit and the changes for advanced payments, which are part of a £1.5bn package to ease concerns with the Universal Credit system. I am also glad our fantastic environmental record is continuing with action against plastics that harm marine life and further investment in 5G and broadband has been made to boost our digital economy.
The West Midlands will feel particularly positive effects from this Budget after its cause was championed so well by local MPs and local Mayor Andy Street. Perhaps most excitingly, the West Midlands will receive £250 million as part of the Transforming Cities fund that will be spent on local intra-city transport priorities alongside additional money for housing and construction skills. This is in addition to targeted local investment to help the most vulnerable people in the area out of homelessness.
Overall this is a positive and encouraging Budget for people across the UK and those in the West Midlands area.