Hastings and Rye MP Amber Rudd has welcomed the Chancellor of the Exchequer’s Autumn budget of 2018 which was delivered yesterday.
The budget will see increased investment in public services, with a 1.2% increase in real terms spending every year.
A significant portion of funding will go towards the NHS, which will see £20.5 billion more in real terms funding by 2023-2024. This will include £2 billion more towards mental health provision, money that will assist local organisations such as Southdown Housing and the i-Rock service in Hastings.
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The personal allowance will be raised to £12,500, allowing more take home pay for working people. This will mean typical people pay £1,205 less in tax compared to 2010. Families will also be helped with the cost of living by increasing the National Living Wage from £7.83 to £8.21 an hour; effectively £690 more per year going to full time workers.
Support will also be given to high streets such as in Hastings and Rye, which will enjoy a 30% reduction in business rates if they have a rateable value of under £51,000. This will save 90% of high street retailers up to £8,000 each year.
An additional £1.7 billion per year will go into the Universal Credit system to help benefit working families and the Government will increase the amount families can earn before losing benefits. This means more money in the pockets of people who need it most.
Commenting on the Chancellor’s budget statement, Amber Rudd said: “I am pleased to see a balanced and sensible approach being taken by our Government toward public finances which has allowed for greater investment in our public services alongside breaks for small businesses and working people.”
“This is good news for our communities in areas like Hastings and Rye. I am especially pleased to see increased funding for mental health services. This is particularly good for our area, which has seen some excellent organisations recently set up and deliver important services for young and vulnerable people alike.”
Amber added: “I also look forward to seeing what our local businesses will do with the savings they will make on business rates. Our high streets are home to many unique and independent retailers and I am delighted that it is clear our Government is here to support them.”