Today (Friday 23 September 2022) the Conservative Government delivered The Growth Plan setting out support for families with their energy bills and unleashing a new era of growth through tax cuts and investment incentives.
Nusrat Ghani, MP for Wealden, has welcomed the Chancellor’s measures set out for families across the South East who will have their energy bills cut by up to £1,400 through the Energy Price Guarantee, whilst businesses eligible for The Energy Bill Relief Scheme will have their energy bills slashed by cutting the price of wholesale gas.
The Chancellor also confirmed people across the South East will benefit from personal tax cuts, cutting National Insurance contributions by 1.25 per cent, putting an extra £330 a year in people’s pockets and helping them with cost-of-living pressures.
This means 4 million people across the South East will save £400 a year thanks to the cut to National Insurance contributions, and 5 million across the South East will save £190 a year thanks to the slash to Income tax in 2023.
Alongside these measures the Government announced further personal cuts, 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).
These measures combined mean a typical family moving into a semi-detached property will save £2,500 on stamp duty and £1,150 on energy bills – and if they have a combined income of £50,000 around an additional £560 on tax. This is around £4,200 in total.
Nusrat Ghani said: “In the face of rising energy prices and cost of living pressures it is right that the Government has come froward with a serious support package and a plan for growth. I welcome support set out for people across Wealden and the South East today, helping families to keep more of their hard-earned money.”
