Peter Gibson MP has today (15.03.23) welcomed the Government’s Budget for Growth, focused on delivering on our priorities to halve inflation, grow the economy and reduce debt so we can create better-paid jobs and opportunities across the United Kingdom, guaranteeing a better future for the next generation.
Despite significant global economic challenges, the UK economy has proven to be resilient. The difficult decisions taken by the Government to restore stability have meant that we have avoided recession and growth is forecast to return. This Conservative Chancellor’s budget will now allow us to push for growth by focusing on the four pillars of Enterprise, Employment, Education and Everywhere.
The Budget delivers for all corners of the UK. The key measures of the Budget include:
- Extending 30 hours of childcare a week to working parents of children aged 9 months to 4 years
- Paying Universal Credit childcare costs up front rather than in arrears
- Introducing reforms to the childcare sector including changes to 2-year-old staff: child ratios from 1:4 to 1:5
- Introducing a £25 billion three-year tax cut for business investment
- Increasing the annual pension allowance to £60,000 and abolishing the Lifetime Allowance
- Establishing a new Universal Support programme for disabled people and the long-term sick
- Abolishing the Work Capability Assessment and increasing the Administrative Earning Threshold to 18 hours
- Extending the Energy Price Guarantee at £2,500 for three months
- Freezing fuel duty for a thirteenth year, saving the average driver around £200
- Delivering a Brexit Pub Guarantee so draught duty will always be less than duty in supermarkets
By taking these actions, we are removing the obstacles that stop businesses from investing, tackling the labour shortages that stop them recruiting, breaking down the barriers that stop people working, and harnessing British ingenuity to make us a science and technology superpower.
This budget is also delivering significant investment for the North East, with £11.4 million to fix potholes, funding enough to fix the equivalent of 230,000 potholes. The approximately 1,685 pubs and bars across the North East will benefit from Draught relief, helping the hospitality sector. Tees Valley Combined Authority will be one of 12 Investment Zones catalysing high-potential, knowledge-intensive growth clusters across the UK to boost economic growth and new jobs, with access to up to £80 million over five years.
We are also seeing further investment into new Green industries in the North East. This budget provides an unprecedented £20 Billion to developing one of the first Carbon Capture and Storage clusters in the North East. This investment in Green technology will deliver new, highly skilled jobs in the North East well into the future.
Speaking about the Budget, Mr Gibson said:
“I warmly welcome the measures in the Government’s Budget for Growth. I am delighted to see further support for disabled people who want to get into work alongside the announcement of additional childcare to enable parents to return to work.
“The Tees Valley is once again benefiting from huge investment from the Chancellor. I warmly welcome the announcement of Investment Zones and that the Tees Valley Combined Authority has been identified as one of the areas for this investment, unlocking £80 million of investment over the next five years. The Government is following a plan to get our economy on track and push for growth, that plan is working, and it will deliver a better future and more opportunities for the people of Darlington and the wider North East.”
