Earlier today, the Government announced The Growth Plan, starting a new era focused on economic growth, whilst tackling the immediate energy crisis and removing barriers for businesses to build the infrastructure we need to grow the British economy.
I welcome today's announcement, which will help my constituents keep more of their hard-earned money and help everybody with the cost-of-living pressures. Families across Mid Worcestershire will have their energy bills reduced by up to £1,400 through the Energy Price Guarantee, whilst businesses, charities, schools and hospitals will also be supported this Winter through the Energy Bill Relief Scheme.
The Government will cut the basic rate of income tax to 19p for 31 million people, and will also cut National Insurance Tax contributions by 1.25 per cent - helping the average worker keep an extra £330 a year.
Alongside these measures, the Government announced it will be cutting stamp duty permanently by doubling the nil-rate band to £250,000 (from £125,000), increasing the nil-rate band for first time buyers to £425,000 (from £300,000) and increasing the value of the property which first-time buyers can claim relief to £625,000 from (£500,000).
To view the Growth Plan in full, please visit: https://www.gov.uk/government/publications/the-growth-plan-2022-documents
