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  • Gareth Bacon

How the Chancellor's plan for economic growth will deliver for Orpington

Since the Chancellor of the Exchequer's speech outlining the government's plan to cut taxes and promote economic growth, there has been much attention and questions raised about this new approach.


I want to explain to constituents why I support this government's renewed focus on economic growth and ditching Treasury orthodoxy, which hasn't delivered for Orpington or our country.


A growing economy means we can keep taxes low and spend more money on better public services. But for too long, British economic growth has been too low.


Without higher rates of growth, taxes have risen to pay for our schools, policing and hospitals. At the same time, the pandemic and war in Ukraine have pushed household bills up, with energy and food costs rising to potentially unaffordable levels.


We cannot continue like this, with low economic growth, high taxes and sky-high energy bills. And that's why the Chancellor has laid out a new approach to grow our economy and cut taxes while shielding people and businesses from the energy crisis.


It means you will pay less tax, keeping more of your hard-earned money to spend as you wish. We're cutting national insurance, income tax and stamp duty. And we're freezing alcohol duty for beer, cider, wine and spirits.


To grow our economy, we're cancelling the corporation tax rise to keep the UK competitive and put £70 billion back into the economy. We're also creating 38 investment zones to unlock housing and win investment.


And we're setting a sunset clause to review, replace or repeal retained EU law to unleash innovation and drive economic growth.


These are only some of the measures we are taking. It will take time. But this bold plan will put the UK's economy into a higher gear, delivering better-paid jobs, lower taxes and more money for public services.