The Chancellor's Autumn Statement

Things in our economy have been tough, writes Peter Luff MP. Over the last few years we have been faced with gloomy headlines and depressing figures. I am sure at some points we have all wondered whether the situation was ever going to improve.

But, things have started to turn a corner and the Chancellor of the Exchequer’s Autumn Statement earlier this month showed us that the Government’s economic plan is working. We are starting to see the positive results bear through. Unemployment is down, our national debt is falling and the economy is forecast to grow even more next year.

Of course the job is still not finished and there are many families who continue to struggle. That is why in his Autumn Statement the Chancellor also announced a number of measures to help people out.

The Government has committed to freezing fuel duty until 2015 by scrapping the rises put in place by the last Government. This will save the motorists on average £11 every time they fill up their tank. Energy Bills are also going to be reduced, which I know will be very welcome news. The so called ‘green levies’ will be rolled back from our energy bills, which will save each household an average of £50. Importantly, all the major energy companies have confirmed that these savings will be passed onto their customers.

Other measures include marriage being recognised in the tax system and help for small and medium size businesses by reducing the burden of business rates.

We are not out of the woods yet – there is still a long way to go. But it is a very good thing that we are able to look to the New Year with more optimism than we have in the past few years.


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