Although the whole of the world economy is being affected by war in the Middle East and in Europe, we’re not powerless. Today the Labour Chancellor decided to give families and businesses breathing space and fresh hope for the future.
Some of the highlights from the budget are:
- Council tax rebate. 40,000 households in Oxford East and many more elsewhere in Oxford and Oxfordshire will receive support from the £2.6billion ‘Energy Bills Breathing Space’ scheme. This will mean that households in Bands A to D (for council tax purposes) will get a £100 payment directly into their bank accounts this winter, to help with energy costs.
- More help with energy. The Government announced it would take off VAT from electricity bills this winter; that’s now extended until summer next year (July 2027). There’s a new strategy to tackle household energy debt (which adds on to every household’s bills), and the gas standing charge is going to be removed (and work will be undertaken to reform electricity bills, too). People pay the standing charge no matter how much gas they use, so this is a really welcome commitment. And this is getting paid for by the banks paying a bit more into the tax system. Just as the British public supported banks 20 years ago; now that families need some breathing space, the Labour government is asking them to provide a bit more.
- Help for hospitality, retail and leisure businesses. Small Biz Rates Relief thresholds are going to be increased, to £18,000 – that means that lots of these businesses won’t be paying any business rates at all. Vape shops and adult gaming centres are going to be carved out.
- Breakfast clubs. Support for these is going to be continued and we’ve now got eight of them providing totally free school breakfasts for primary school kids in Oxford East.
- Devolution. Despite Lib-Dem run Oxfordshire changing its position twice on whether or not it wanted the powers and funding available for devolved authorities – finally, the process is moving forward! Devolution for the Thames Valley could unlock a huge pot of £100billion of investment, and will give us much more control over issues like strategic transport links, housing and skills. It’s especially important for ensuring that our young people get great opportunities to develop their skills and careers here in the Thames Valley, whether or not they attend university. There £9million in good growth funds announced already.
- Big investment here in Oxford. Vertex Pharmaceuticals will invest over £300million in our city, backed with government grant funding – and this is going to deliver research into serious diseases and provide over 250 jobs.
- Small producer relief for small breweries – improvements to this are going to boost our small breweries producing great craft beer!
- Paternal pay for self-employed dads – from April 2029, self-employed dads, partners and adopters will be able to access a ‘parental allowance’, and those recently employed or unemployed, or who may have a broken or irregular pattern of employment, will also receive support.