The Budget: Average worker over £900 better off after Budget

Posted on 6th March, 2024

Clwyd West MP, David Jones, has welcomed the further cut of 2p in National Insurance contributions announced by Chancellor Jeremy Hunt in today’s Budget.

Coupled with the 2p cut announced at last year’s Autumn Statement, the reduction will mean that the average worker is over £900 a year better off.

David Jones said:

“Not only will workers see a further real increase in their take-home pay from April, the average earner will have the lowest effective personal tax rate since 1975.

“This shows the determination of the Government to put money back in people’s pockets as the economy recovers from the effects of the pandemic. The Government understands that lower tax economies produce higher growth.”

Areas such as North Wales that are heavily dependent on car use will welcome the extension of the freeze on fuel duty for the next 12 months, with the temporary 5p cut extended. This will save the average motorist around £50 next year.

The extension of the freeze on alcohol duty will benefit the hospitality industry, which is a key pillar of the North Wales economy.

David Jones also welcomed the announcement that the Government has negotiated the purchase of the Wylfa site on Anglesey from its current owners, Hitachi.

He said:

“Wylfa is one of the best nuclear power station sites in the world.

“Not only would a new nuclear station there make an enormous contribution to national energy security, it would also provide high-quality, high-wage employment to many thousands of people in North Wales.

“The Government’s acquisition of the site is a step closer to Wylfa Newydd.”

The Budget overall shows the Government’s determination to put the country back on the path to recovery after the economic damage caused by the Covid pandemic.

Thanks to the actions it has taken, inflation has fallen from 11 per cent to 4 percent and is due to achieve the 2 per cent target by next quarter – one year sooner than predicted by the Office for Budget Responsibility in November last year.

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