Mark Menzies MP has outlined his support for today’s Budget, as the Chancellor set out his vision for the British economy as it moves beyond the challenges of the pandemic and energy price spikes.
Under the announcements Government support with energy bills will continue over the summer, with the Energy Price Guarantee extended for three months at the existing £2,500. Fuel and beer duties have seen their freezes extended in moves that will save the average motorist £200, while wider reforms to support pubs will guarantee that draught duty will be set lower than supermarket-bought alcohol.
Mr Menzies said, “The Government has stood resolutely by the British people over the winter, providing unprecedented support to help Fylde residents with immediate cost of living worries, and I am really pleased that support for businesses, households and public services, such as leisure providers, will continue.”
“This was also a Budget that focuses on longer-term objectives, being a hugely positive step in tackling inflation, boosting economic growth and putting more money into people in Fylde’s pockets.”
Underlying challenges around skills and labour shortages were a core focus for the Chancellor, as well as increasing investment. Key measures announced include the extension of childcare support for working parents of children aged 9 months to 4 years, changes in staff to child ratios in childcare settings and Universal Credit reforms that will see childcare costs paid upfront.
“One of the major challenges facing our economy is getting people into work, with childcare costs serving as a barrier to many parents. The Government recognises this and has acted to give children the best start in life and ensure parents can balance a career with parental responsibilities.”.
“Those looking to retirement will benefit from an increase in the annual pension allowance to £60,000 and the abolition of the Lifetime Allowance, allowing people to continue working and saving without being unfairly penalised for doing so.”
“With BAE Systems Warton on our doorstep, people in Fylde know that Britain is already a world leader in aviation, life sciences and culture. There remains room to grow in these and other areas. Tax cuts to encourage capital investment and research & development, with a targeted scheme for the creative arts, will help these sectors thrive while establishing new investment zones will ensure that the opportunities created are spread right across the country.”
Among the announcements came confirmation that nuclear energy would be labelled as an ‘environmentally sustainable’ investment, designed to encourage private investment, with the Chancellor also confirming increased Government support for the industry.
“Today is a vital day for our nuclear industry. Britain must be a major player in the next generation of low-carbon technologies, and recognising the green credentials of nuclear power is a key step. I also welcome the launch of Great British Nuclear, bringing with it the prospect of the first Small Modular Reactor sites being selected this year and the consideration of further gigawatt projects.”
“This news opens the door to decades of demand for Fylde manufactured nuclear fuel. I will be pushing the case for Springfields and its world-class workforce as we come to finalising fuel supply arrangements.”