Last week saw history made with the first budget ever delivered by a female Chancellor. It was a budget for working people, to fix the foundations of our country and deliver meaningful change.
It marks the start of a new chapter towards making Britain better off: more pounds in people’s pockets. An NHS that is there for you when you need it, businesses creating wealth and opportunity for all, and investment into Britain’s future so, alongside business, we can build the homes, the infrastructure, the roads and the railways our country needs.
A central thread running throughout the budget is protecting working people, who won’t face higher taxes in their payslip, with no increase in employees’ National Insurance, the basic, higher, or additional rates of Income Tax, or VAT. Rather, this budget seeks to ensure those with the broadest shoulders pay the highest price, shown by increasing both the lower and higher rates of Capital Gains Tax by 8% and 4% respectively, the abolition of the non-dom tax loopholes, reformation of Stamp Duty Land Tax so those who buy second homes pay an extra 2%, and extending the Energy Profits levy on oil and gas companies.
Furthermore, maintaining the fuel duty freeze and temporary 5p cut for 2025-26, as well as a further £500 million to fix an additional 1 million potholes, will be welcome news to many who rely on their cars for work and leisure. Increasing the National Living Wage will be worth up to £1,400 for a full-time worker, again, putting more money in working people’s pockets.
When I was re-elected in July, I stood on a platform of change. Changing the status quo to improve the daily lives of my constituents. Boosting public investment by more than £100 billion over the next five years while keeping debt on a downward path, will do just that. Included in this is £25.6 billion over the next two years for the NHS to cut waiting times with 40,000 extra appointments each week, alongside a £2 billion investment into NHS technology and digital services. Elsewhere, the Core Education Budget will rise by £2.4 billion next year, which will support the recruitment and training of the 6,500 new teachers promised in our manifesto.
Anyone in contact with the housing market knows of the severe lack of affordable, good quality homes – I know this difficulty extends to many constituents, having hosted multiple housing surgeries over the past few months. Getting Britain building again is imperative, which is why I am pleased to see £500 million of funding go to the Affordable Homes Programme next year. This will kickstart the commitment to an additional 1.5 million new homes over the course of this Parliament. The establishment of the National Wealth Fund, alongside £63 billion of private business investment will ensure investment into the jobs, industries and infrastructure of the future.
I believe this budget lays the foundations for a brighter future for the residents of Chester North and Neston, and further afield across the country. One where NHS waiting lists are down considerably, where young people are able to afford their first homes, where public services work for the people that pay for them. For too long, this has not been the case. The budget is a clear break from the past – the work of change has begun.
Please remember, if you need help or support on any issue, please don’t hesitate to get in touch on samantha.dixon.mp@parliament.uk or 01244 343 229.