This morning, the Chancellor announced The Growth Plan. This sets out the Government’s new approach to ease the cost of living, tackle the energy crisis and grow the economy.
I welcome the Government’s intervention to limit energy bills this winter. Significant tax cuts will also ensure individuals and businesses keep more of what they earn.
Specific measures announced include:
- An Energy Price Guarantee, which will limit the price customers can be charged for energy for 2 years from October.
- Intervention to limit bills for households using heating oil and those on non-domestic energy contracts, such as park homes.
- An Energy Bill Relief Scheme, which will discount wholesale electricity and gas prices for all businesses, charities, schools and hospitals for 6 months from October.
- Bringing forward legislation to oblige energy suppliers to help consumers improve the energy efficiency of their homes.
- Cutting the basic rate of income tax to 19p from next April.
- Cutting stamp duty permanently from today.
- Cutting National Insurance contributions by 1.25 per cent, by scrapping the National Insurance Levy.
- Introducing VAT-free shopping for overseas visitors to boost our retail and hospitality businesses.
- Freezing alcohol duty and extending draught relief to help smaller breweries.
You can read more on the strategy below.