As the dust settles on the Budget Statement what emerges is that it was a Budget designed to fix the foundations to deliver change and rebuild Britain, whilst ensuring working people here in Llanelli and across the UK don’t face higher taxes in their payslips.
The previous government crashed the economy, leaving a £22bn hole in the nation’s finances and public services on their knees. Whereas the Tories always asked working people to pick up the bill, Labour will ensure working people won’t face any increases in National Insurance, Income Tax or VAT. The National Living Wage will rise by 6.7%, worth up to £1,400 for a full-time worker, and the fuel duty freeze maintained. The basic and State Pension will be uprated by 4.1% with over 12 million pensioners gaining up to £475 next year.
By choosing to protect working people, the wealthiest will have to pay their fair share. Non-dom tax loopholes will be abolished, the Energy Profits levy on oil and gas companies extended and the VAT and business rates relief provided to private schools axed. Tough decisions have also been made to crack down on fraud, tax avoidance and waste, making sure every penny of taxpayer money is spent wisely.
This Budget provides more investment in our NHS, supports the recruitment of extra teachers and delivers compensation payments for victims of the Infected Blood and Post Office Horizon IT scandals as well as ending the Mineworkers’ Pension Fund injustice, benefitting over 500 former miners and their families in Llanelli alone.
It’s the start of a new chapter towards making Britain better off, putting more pounds in working people’s pockets. It is a Budget that invests in our future., builds public services delivers stability so that our economy can create wealth and opportunity for all.