An Update from Felicity
Dear Resident,
Thank you for visiting the Spring edition of my Cost-of-Living Hub.
Last Autumn I recognised the challenges facing constituents, and I acted promptly to collate and promote the Government’s historic measures by launching my Cost-of-Living Hub.
In the Chancellor’s Spring Budget, built on this. To help people into work, the Chancellor has expanded the provision of 30 hours’ free childcare to every child over the age of 9 months, as well as paying the childcare costs of parents on Universal Credit moving into work. The abolition of the Lifetime Allowance, as well as a 50 per cent increase in the Annual Allowance, will increase the incentive for older workers to stay in the workforce for longer.
I welcome the Chancellor’s decision to maintain the Energy Price Guarantee (EPG) at £2,500 for a further three months, saving a typical household an extra £160.
Additionally, the Chancellor has cancelled the scheduled 11p rise in fuel duty and retained last year’s 5p cut to current rates, a tax cut worth £100 this year for a typical driver.
The Brexit Pubs Guarantee will set tax on draught beer in pubs 11p lower than that sold in supermarkets.
These measures are having a real effect on the cost of living: the EPG and other cost of living measures helped reduce peak inflation and will see inflation fall to 2.9 per cent by the end of this year. These measures bring total Government cost of living support to £94 billion.
The Budget sets out a comprehensive plan to remove barriers to work, boost business investment and support economic growth. The Government's efforts to help households with higher costs bring total support to an average of £3,300 per UK household over 2022-23 and 2023-24.
The budget reinforces the Government's vision for the UK to be the best place in Europe for companies to locate, invest and grow.
I invite you to browse the support available to you and your family. My team and I remain on hand to provide specific guidance. Do not hesitate to contact me: felicitybuchan.com/contact
As ever,
FELICITY BUCHAN MP
Member of Parliament for Kensington