A BUDGET FOR GROWTH – EAST MIDLANDS
• Despite enormous global challenges, the UK economy is proving the doubters wrong. The difficult decisions we have taken to restore stability mean that we have avoided recession and growth is forecast to return.
• We are working hard to deliver on the government’s priorities to halve inflation, grow the economy and reduce debt so we can create better-paid jobs and opportunities across the United Kingdom, guaranteeing a better future for the next generation.
Today we deliver our Budget for Growth by focusing on the Chancellor’s four pillars of Enterprise, Employment, Education and Everywhere: Extending 30 hours of childcare a week to all working parents of children aged 9 months to 4 years. Paying Universal Credit childcare costs up front rather than in arrears o Introducing reforms to the childcare sector including changes to 2-year-old staff: child ratios from 1:4 to 1:5 o Introducing a £25 billion three-year tax cut for business investment. Increasing the annual pension allowance to £60,000 and abolishing the Lifetime Allowance o Establishing a new Universal Support programme for disabled people and the long-term sick o Abolishing the Work Capability Assessment and increasing the Administrative Earning Threshold to 18 hours o Extending the Energy Price Guarantee at £2,500 for three months. Freezing fuel duty for a thirteenth year, saving the average driver around £200. Delivering a Brexit Pub Guarantee so draught duty will always be less than duty in supermarkets
• By doing so we will remove the obstacles that stop businesses investing, tackle the labour shortages that stop them recruiting, break down the barriers that stop people working, and harness British ingenuity to make us a science and technology superpower.
THIS BUDGET DELIVERS FOR THE EAST MIDLANDS:
• Securing a new devolution deal with local authorities across the East Midlands since 2022, empowering local leaders.
• Forming Levelling Up Partnerships across the East Midlands, bringing the collective power of Government to provide bespoke place-based regeneration in Mansfield, Boston and Bassetlaw.
• Investing an additional £250,000 through the Community Ownership Fund, funding a multi-purpose arts venue in Charwood.
• Benefitting 3,140 public houses and bars across the East Midlands through Draught Relief, helping the hospitality with higher costs.
• Awarding £22.9 million to fix potholes across the East Midlands, funding enough to fix the equivalent of 460,000 potholes.