Meon Valley MP Flick Drummond has praised Chancellor Rishi Sunak’s Spring Statement.
Mrs Drummond said she thought the Chancellor’s plans will really help people struggling with the cost of living – despite no measures to help deal with huge rises in prices of domestic fuel oil, relied upon by many rural Meon Valley residents, which has almost doubled in price since last month.
She added: “There is no magic wand any chancellor can wave when we face global challenges like Covid, supply issues and war in Ukraine – all pushing up prices. Inflation will eat into people’s pockets for some time but the support from the government is substantial, targeted and responsible.
“Equalising income and National Insurance thresholds at £12,570 is the targeted support I think we all wanted to see and it is incredibly generous. It will help 30 million households in the country and, I suspect, is the first move towards simplifying tax in this country.
“The cost of fuel is also something I know my constituents have been concerned about and the 5p cut in fuel duty for 12 months is good news. The £1billion Household Support Fund that councils can call upon to help the most vulnerable is targeted and sensible.
“On top is £9.1 billion of support to tackle rising energy bills. Again, support for those who are struggling. But this country faces huge challenges. Everyone should know that the interest payments on our debt will be £83 billion next year – a huge sum.
“We need to balance the books otherwise the only alternative is more borrowing to be paid for by our children and grandchildren to the impoverishment of this country over time.
“The Chancellor’s plans will meet the fiscal rules and has earmarked a 1p income tax cut by the end of this parliament. We need to see borrowing fall while rewarding those in work with more of their cash and helping the vulnerable.
“I was particularly pleased to see work on encouraging investment and productivity to grow the economy so we can pay for the services we need.”