NEWTON Abbot’s MP has welcomed the Chancellor of the Exchequer’s decision to cut fuel tax from this evening.
Speaking after Rishi Sunak’s statement this morning, MP Anne Marie Morris said: ‘I welcome the Chancellor’s Spring Statement which introduces some important measures under difficult circumstances.
‘The Chancellor has announced the biggest ever cut in fuel duty which will be beneficial for individuals at the petrol pump but also to the many businesses that rely on petrol in one way or another.
‘It is also hugely important that he will be equalising the national insurance and income tax thresholds.
‘This will mean that for those who earn less than around £35,000 a year, despite the national insurance uplift through the Health and Care Levy, they will see no increase in tax, and for those who earn less than that, their tax will be reduced.
‘Much needed measures to support businesses include increasing the employment allowance for small businesses to £5,000.
‘Quite unusually, the Chancellor has given us a signal as to what is ahead. He has given us a Tax Plan to demonstrate the approach he will take to cutting tax by the end of this Parliament.
‘He has pledged to reduce the basic rate of income tax from 20 to 19 per cent by 2024.
‘Ultimately, there is more that could have been done to address the spiralling cost of living, but we are in difficult and uncertain times.
‘I look forward to the Autumn budget where we can expect further measures to benefit constituents.
‘I also look forward to the upcoming energy plan from Government which will have a crucial impact on how we deal with the energy crisis and its cost.’
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