In this week’s column, I want to highlight the positive effects, both locally and nationally, that we can expect from the measures announced by the Chancellor, Jeremy Hunt, in his recent Autumn Statement.  

With inflation halved, taxes cut and the National Living Wage up, many local people will hopefully see the benefits in higher pay, new jobs and more money in their pockets.

The global cost of living crisis – fuelled by Russia’s war in Ukraine and the after-effects of the pandemic – has been tough for families. But because of better global conditions, and because the government has taken tough decisions to get our economy back on track, Britain is in a much better place than we were at the start of the year. 

By getting control of spending, the government has helped to deliver its promise to halve inflation in 2023 – from over ten per cent last January to 4.6 per cent in November 2023. 

And because of that, the government also has the ability to continue to help families with the cost of living and to support the businesses that are growing our economy. 

Which is why the Chancellor made a series of important announcements that will put more money into the pockets of people across the country.

Taxes cut: The government is supporting workers by cutting National Insurance Contributions from 12 per cent to ten per cent. That’s a £450 tax cut for the average worker on £35,000 a year. 

National Living Wage up: The government is helping those on the lowest pay by raising the National Living Wage to £11.44 an hour. That means over £1,800 extra a year.

Business rates frozen: The government is backing local businesses by freezing the small business rates multiplier and by cutting business rates for retail, leisure and hospitality businesses which will provide a boost to our local economy and support our high streets.   

Pensions up: The government is helping to ensure dignity in old age with an 8.5 per cent pension increase. So now the basic state pension will be £3,750 higher than in 2010. 

The Office for Budget Responsibility expects that the measures announced at Autumn Statement will support a further 78,000 people into work by 2028-29. So the combined impacts of the spring and autumn policy measures will increase the number of people in work by around 200,000. 

Since the autumn budget, we’ve seen huge investment across the UK. In recent weeks, Nissan has announced a £2bn investment for a new electric car plant, and Microsoft commit to £2.5bn worth of investment in AI and technology.

In total, the Prime Minister unveiled £29.5bn of investment within the UK at the recent Global Investment Summit, meaning that thousands of jobs will be created across our country in some of our most innovative and important sectors, including tech, life sciences, renewables, housing and infrastructure.  

In a recent article in the News & Mail, I gave detailed feedback from various local Woking firms about the highly positive economic outlook that they perceived for their businesses over the coming year. I am delighted that the government is giving further support to these local firms with its clear plans and actions for a stable, strong and growing economy.