This week, the Conservative Government passed legislation to repeal the Health and Social Care Levy–putting more back into the pockets of workers across the country.
Julian has welcomed the Chancellor’s measures, which set out how families and businesses across Solihull will see their national insurance contributions reduced by 1.25 per cent.
This means 2.4 million people across the West Midlands will keep more of the money they earn each month. Nationally, 28 million workers will be paying less in National Insurance Contributions thanks to the cut.
By April 2023, this cut will save the typical worker £330 per year, with an immediate saving of £135 this year.
The Deputy Prime Minister and Secretary of State for Health and Social Care, Thérèse Coffey, confirmed that this reversal would not impact the budget. The Government will maintain the£39 billion funding uplift, helping to cut the Covid-19 backlogs, deliver more doctors appointments, and fix social care.
These measures build on the conservative Government’sfurthertaxcuts–including cutting stamp duty permanently by doubling the nil-rate band to £250,000 (from £125,000), increasing the nil-rate band for first-time buyers to £425,000 (from £300,000)and increasing the value of the property which first-time buyers can claim relief to £625,000 from (£500,000).
This is in addition to reducing the basic rate of income tax by one per cent–delivering a tax cut for 31million workers.
The Conservative Government has also announced at least 38 Investment Zones across Englandinaddition to new Investment Zones in Scotland, Wales and Northern Ireland, unlocking housing and driving growth through tax incentives. Under the Conservative Government’s Growth Plan 2022, over 100infrastructure projects will also be accelerated.
Julian said "In the face of rising energy prices and cost of living pressures around the world, it is right thattheConservativeGovernmenthas come forward with this growth Plan. I welcome the support set out for people across Solihull, including the cutting of National Insurance contributions, made possible from today, as well as other measures including cuts to income Tax and stamp Duty–all helping families to keep more of their own money.“Only the Conservatives can be trusted to cut taxes for working people and grow the economy–delivering more money for our public services while ensuring people keep more of their hard-earned money.”
