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The Growth Plan 2022

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Friday, 23 September, 2022
  • Westminster News
GP

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.

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ConservativesPromoted by Alana Powell on behalf of Victoria Prentis, both of Wykham Park Farm, Wykham Lane, Banbury, OX16 9UP
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