Andrew Griffith MP says Budget “will benefit hard working families”

The biggest measure set out in the Budget was a two percent cut to National Insurance Contributions, benefiting 27 million people. The Treasury says that, combined with the cut to National Insurance Contributions at last year’s Autumn Statement, the change will save the average full time worker £900.

In his speech, Chancellor Jeremy Hunt also announced a further cut in tax for two million self-employed people and changes to the income threshold for child benefits. This change will benefit around 500,000 families and will save some parents an average of £1,260.

There was also welcome news for local pubs and their customers who will see alcohol duty frozen. Fuel duty was also frozen by the Chancellor for the fourteenth consecutive year.

Small businesses owners did not miss out in today’s announcements, with an increase in the VAT registration threshold – for the first time since 2017 – from £85,000 to £90,000.

Commenting on the incoming tax cut, Andrew Griffith MP said: “Today was a budget that will benefit hard working families and those on fixed incomes. The Government has frozen fuel duty for the fourteenth year in a row and duty on alcohol has been extended - keeping the cost of a pint low.

And, because of the cuts to national insurance today, on top of those in the Autumn Statement last year, the average worker will be £900 a year better off.”