The Autumn Statement is good but it is just a start, says Dame Priti Patel

The Autumn Statement is good but it is just a start, says Dame Priti Patel

The Autumn Statement is good but it is just a start, says Dame Priti Patel

Published: 27th November 2023 - 9:51 am Category: National News

In the Autumn Statement, the Chancellor has finally nudged the door open to recognising that hard-pressed households and small businesses require essential support and his measures today have shown he recognises the pressures they are facing.

The public must start to feel the benefits of the measures that have been announced to regain their trust and confidence in the Conservative vision of delivering a country that provides a fair economic future for us all.

While the lowering in the rate of inflation is welcome, it should not be confused with a tax cut and the Government cannot just rely on lower inflation rates to support the economy. Inflation may have halved but prices are still rising, and households and businesses continue to feel the pinch.

The changes and cuts to national insurance are vital and will go some way to helping keep more of their hard-earned money.

Daily Express readers will know that with wages rising, people are paying more in income tax as the tax-free allowance threshold and the higher rate threshold have been frozen and are due to remain unchanged until 2028.

That means that four million more of the lowest earners could be dragged into paying income tax over by 2028 which I believe is unfair.

I hope the Chancellor will build upon his statement today and put in place a strategic plan to raise the threshold so fewer people are caught handing 40% of their earnings over to the taxman.

I believe the statement could pave the way forward for the Conservative Party to advance the cause of freedom, promoting enterprise, and unlocking opportunity and offer the public a compelling economic policy that delivers lower taxes, supply-side reforms, and promotes enterprise.

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