The Spring Statement

Pauline Latham OBE MP welcomes the Spring Statement by the Chancellor of the Exchequer, Phillip Hammond.

There was plenty of good news in the Spring Statement.  The UK economy is growing strongly; unemployment is at a near-record low and 3 million new jobs have been created; the deficit is down since 2010 and current spending now in surplus. This will create space for further investment in our public services like the NHS.

Conservative policy is having a positive benefit on hard working people. The cut on stamp duty for first time buyers have benefited 60,000 people. This was a measure which the Labour Party attempted to block.  There have also been above inflation wage increases for the lowest paid since 2010.  Whilst, disposable income per person is now 4.4 per cent higher in real terms than it was in 2010.

There is also considerable growth in British business and industry.  Manufacturing has grown for the longest consecutive period in 50 years, with high-tech manufacturing sectors growing strongly since 2010.  In addition there are 1.2 million more businesses across the UK than there were in 2010.

In addition, the budget was an opportunity to launch a number of consultations on future policy, this includes:

-       The possibility of a reduction in tax on for the least polluting vans

-       A possible tax on single use plastic, help the environment

-       A review of how tech firms like Google and Facebook are taxed

-       The future of cash and digital payments, including a consideration of the necessity of 1 and 2 pence coins.

Pauline said, “The Conservatives have helped improve our economy and the life of hard working people over the past eight years.  I am pleased to see that our economy is growing strongly and unemployment is at a near-record low.  It is excellent that the deficit is down and this will lead to more investment in public services like the NHS.

It has been hard for the Conservatives to clean up the financial mess left by Labour.  Sadly, it is obvious that Labour would do it all over again – sending debt spiralling, wasting billions more wasted on debt interest and leaving our economy vulnerable.

Conservatives want to ensure that we have control of our public finances whilst investing in our public services; investing in our economy to create better jobs; and supporting families with the cost of living.”