Tackling the cost-of-living is my highest priority as an MP, so I strongly welcome measures introduced in the budget to bring down costs for people and to ensure that where taxes do need to go up, they are raised mostly on the wealthiest in our society. That’s why I support measures announced by the Chancellor including:
- A permanent cut to energy bills, with £150 off the average annual bill next year.
- An increase of 4.1% to the minimum wage, to give a pay boost to the lowest paid workers, and an increase in the state pension of 4.8%, to ensure everyone can have dignity in retirement.
- A freeze in rail fares, meaning they are cut in real terms compared to inflation – the first time fares have been frozen in 30 years.
- A freeze in prescription charges.
- Strong action to tackle child poverty, which will lift 450,000 children out of poverty by the end of this parliament – including more than 3,000 children in North Warwickshire and Bedworth.
- An extension of the fuel duty freeze, and a guarantee that fuel taxes will not rise higher than inflation, to keep costs down for drivers.
I’m delighted that the Bank of England says that as a result of the decisions the Chancellor has taken inflation will be cut by up to 0.5% and that interest rates and mortgage costs are also likely to fall faster as a result, which will provide really welcome relief to families across North Warwickshire and Bedworth. I particularly welcome that since the election the average cost of a new mortgage in our area has fallen by more than £1500 a year.
I know how difficult things are for people at the moment, which is why I really welcome the news that wages have risen faster since Labour entered government than during the entire fourteen years of Tory rule. That’s a good sign that the economy is growing again, and people’s living standards are starting to increase after years of stagnation, but I know there is far more work to be done to get our country back on track.
So please rest assured that I will continue pushing for even more action to tackle the cost-of-living and rebuild our broken public services.