What people across Esher and Walton constituency need to know about today’s Autumn Statement:
- From January, Employee National Insurance Contributions will drop from 12% to 10% - a tax cut of £450 for the average worker earning £35,400.
- National Living Wage is set to rise to £11.44 from April 2024 and will be extended to those aged 21 and over for the first time.
- We’re backing our high streets by extending 75% business rate relief for retail, hospitality and leisure until 2025.
- The Pensions Triple Lock and Pension Credit will be protected and rise in April 2024 by 8.5%.
- Housing support for low-income renters will be increased by raising the Local Housing Allowance for 75,000 families in the South East.
- Working age benefits will rise by the rate of inflation at 6.7% from April 2024 to support families during these challenging economic times.
- Alcohol duty will be frozen until August 2024, taking 3p off the duty cost of an average pint of beer. This move will save pubs and our alcohol sector thousands in funds that they’ll be able to reinvest into their businesses.
These actions are another step forward in tackling the long-term economic challenges facing the UK so we can build a more dynamic economy. You can find the Chancellor’s Autumn Statement in full here.