I wanted to write to you today, to share some points made by the Chancellor during the first ever spring statement.
In his statement, the Chancellor noted how far the UK has come over the past eight years, with the economy growing strongly, unemployment at a near-record low, the deficit down and more investment in public services like the NHS. This is all good news for Norwich – a productive economy means people are in work, they have opportunities for themselves and their families, and overall we can also invest more in our local public services in a responsible way.
The Government has invested over £60 billion in the country since the 2016 Autumn Statement. The Government is building the infrastructure for the future, while continuing to cut taxes for millions of working families and seeing debt start its first sustained fall in a generation.
During the statement today the Chancellor also re-affirmed the Government’s commitment to support families with the cost of living. This April, 31 million people will have seen their income bill cut by over £1,000 since 2010 – keeping taxes low for ordinary families. Something I am particularly proud of is that 4 million of the lowest paid workers have been taken out of paying income tax altogether.
Also in April, the National Living Wage will increase again, leaving a full time worker over £2,000 a year better off since its introduction, with under 25 year olds and apprentices seeing the largest increases in 10 years.
This strong economic record along with the improved economic growth forecasts from the OBR is good news for us here in Norwich and should give us all confidence for the future.