On Friday the Conservative Government delivered The Growth Plan, starting a new era focused on economic growth, whilst tackling the immediate energy crisis and removing barriers for businesses in order to grow the British economy.
More money in people’s pockets
In a press release issued on Monday 26 September, Natalie Elphicke MP for Dover and Deal stated the Conservative Government’s Growth Plan puts more money in people’s pockets by cutting National Insurance and Income Tax – including an extra £330 a year from the cut to National Insurance contributions and saving families £1,400 on their energy bills. To deliver on this mission, the Chancellor has also announced 38 Investment Zones and over 100 infrastructure projects across the country to drive the investment and growth in the areas that need it the most.
The Growth Plan
On Friday the Conservative Government delivered The Growth Plan which set out support for families with their energy bills and unleashing a new era of growth through tax cuts and investment incentives.
Natalie Elphicke MP has welcomed the Chancellor’s measures set out for families who will have their energy bills cut by up to £1,400 through the Energy Price Guarantee. Businesses eligible for The Energy Bill Relief Scheme will have their energy bills slashed by cutting the price of wholesale gas.
The Chancellor also confirmed millions of people will benefit from personal tax cuts – cutting National Insurance contributions by 1.25 per cent, putting an extra £330 a year in people’s pockets and helping them with cost-of-living pressures. Alongside these measures the Conservative Government announced further personal cuts – including 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).
£3,650 saving for typical family moving into semi-detached home
These measures combined mean a typical family moving into a semi-detached property will save £2,500 on stamp duty and £1,150 on energy bills – and if they have a combined income of £50,000 around an additional £560 on tax. This is around £4,200 in total. The Conservative Government’s Growth Plan also unleashes 38 Investment Zones across England, unlocking housing and driving growth through tax incentives and over 100 infrastructure projects that will be accelerated.
Kent County Council could benefit
Kent County Council is one of the areas announced in the Growth Plan who could benefit from an Investment Zone.
These measures will unleash growth through tax cuts and reform, tackle the immediate energy
crisis, removing barriers for business, and building the infrastructure needed to grow the British
economy.
Commenting, Natalie Elphicke MP said: “In the face of rising energy prices and cost of living pressures, it is right that this Conservative Government has come forward with a serious support package and a plan for growth.
As the Chancellor’s Parliamentary Private Secretary, his ministerial aide, for the Growth Plan, I do not doubt the commitment and determination of this Government to ensure hard-working families are
helped with the rising cost of living and to create an environment in which our country can grow and thrive.The basic rate tax cut to 19p and the scrapping of the National Insurance rise are major boosts. Cuts in stamp duty will also help homebuyers and first-time buyers to get on the housing
ladder.
“The war in Ukraine has caused energy bills to soar. The cap on energy bills will make a huge
difference to everyone. The Government is committed to supporting businesses through this
difficult period too. We are an area of small businesses and the self-employed. In our area, 99% of
our businesses are classified as small and medium-sized enterprises. So, help for businesses is all
about helping local business people. That’s why I welcome the extra business support announced in
the Growth Plan.“Only the Conservatives can be trusted to make the reforms we need to grow our economy –
delivering higher wages, lower taxes and more money for our public services.”
Commenting, The Chancellor of the Exchequer said: “Growth is not as high as it should be. This has made it harder to pay for public services, requiring taxes to rise and cost of living pressures to increase.
“We need to change this and be unashamed in our Growth Plan – expanding the supply side of the
economy, through tax incentives and reform, whilst we help families now by cutting their energy
bills by £1,400 a year and slashing personal taxes.“That is how we will deliver higher wages, greater opportunities, and crucially, fund public
services, now and into the future.”