The Chancellor making a Budget Statement on a Wednesday makes sense in many ways but is not ideal for newspaper print deadlines so I apologise not to be commenting yet on the actual announcements. We are in quite a cautious environment after the series of events from the pandemic to the war in Ukraine which have left Governments looking for stability. Despite the global spikes in energy prices and food costs and globally rising interest rates to deal with inflation the foundations of our economy are slightly better than some predicted with modest growth in January and employment remaining relatively high. We need to balance maintaining and encouraging that with helping families and businesses in difficult times.
There is likely to be new support for childcare which is very welcome and should be a big boost to the economy and employment as well as giving families increased choice during the children’s early years. There is a real pool of talent there currently not getting enough chance to shine. Funding to nurseries for the places offered also needs to go up to increase the number available and this will I know be welcomed by some of our great nurseries here in Somerset.
Changing pension arrangements may not sound of interest to everyone but it could have a really positive effect by encouraging those nearing retirement age not to feel they can’t work for a few more years to save for a more comfortable retirement. As we look to recruit and train more GPs and dentists, for example, keeping professionals with years of experience in the workplace makes good sense. Concerns are still being raised about NHS dental appointments in Chard in particular so I have raised this case with the Secretary of State to look for ways to stop dentists only taking new private patients.
Although there may not be more widespread tax changes, it is worth remembering that in April some of the measures to help with the cost of living will come into effect including the Triple Lock for Pensions and Universal Credit rising by the rate of inflation which is a significant boost. It is also worth reminding that taxpayer help capping energy bills for people has on average been £1,300. I would like to see Corporation Tax kept as low as possible and that is something I will keep campaigning on. I also hope hospitality and other businesses like leisure centres will receive further support for energy costs whilst prices continue to stabilise.
I have supported campaigns to keep fuel costs and duties down and it’s also important to look at the cost of using cars. Road journeys are far more necessary in rural areas and cars are needed for young families and some vulnerable people more than some other users so we must make sure groups are not unintentionally penalised in the push for greener transport.
The Prime Minister has had a busy week in America and here. The submarine deal is good from a defence and manufacturing point of view and we need also to get Leonardo building our new helicopter fleet. Rest assured I will be making this point at every opportunity.