Chancellor's Spring Statement 'not enough', says Batley and Spen MP

Speaking in the House of Commons today (Wednesday), Rishi Sunak announced a series of measures.

From next month, employees will pay 1.25p more in the pound from their pay packet in National Insurance contributions.

From July, the threshold for paying National Insurance will rise so that it will be paid on income over £12,570 a year - the same level as income tax starts being paid.

In practice, those two measures will mean that, from July, anyone earning less than around £35,000 a year will pay less National Insurance. Those who earn more will see a tax rise.

This threshold will be frozen, meaning - over time - more low-earners will have to pay.

Mr Sunak also pledged to reduce the basic rate of income tax by 1p in the pound before the end of the Parliament in 2024.

The Chancellor announced a 5p-a-litre reduction in fuel duty for the next year.

And he announced that VAT would be cut from five per cent to zero per cent on energy efficiency products, such as solar panels, insulation and heat pumps.

Responding to the Chancellor’s statement, Ms Leadbeater said: “I’m afraid the smile on Rishi Sunak’s face and the cheers on the Conservative benches show that they really don’t understand the scale of the cost of living crisis facing people in places like Batley and Spen.

“The Chancellor could have gone much further to support families through the financial squeeze they are facing, with yet more energy price increases and inflation still to come.

“Despite the measures announced today, welcome though some of them were, tax and national insurance bills are still going up, those on universal credit are seeing their benefits cut, while the profits of the oil and gas companies are soaring.

“The impact on people’s health and well-being cannot be ignored as the financial squeeze puts additional stress on those who are already struggling.

"They won’t be fooled by talk of tax cuts when they can see for themselves that their household bills are continuing to soar and their family is worse off.”