Delivering the high wage, high skill, high productivity economy we need
The Chancellor has presented an incredibly ambitious and optimistic budget that builds on the levelling up agenda to spread opportunity across the country. It is also a realistic budget that recognises the extraordinarily difficult economic circumstances of the pandemic. By setting new rules on public spending and debt, whilst still borrowing to invest in economic growth, the Chancellor has managed to strike the right balance to rebuild our economy for the future.
This budget puts us on track to deliver the high wage, high skill, high productivity economy that the Prime Minister outlined in his speech at Conservative Party Conference.
It uses the freedom of Brexit to reform tax rules and make the UK a more attractive place to invest and start a business. It tackles the pressures the economy and families are facing as the world recovers from the economic shock of the pandemic and lockdowns. It uses the growth we've seen since we lifted restrictions to invest more in our public services, in research and technology, and in giving every child the best possible start in life. And it lays the foundations for giving everyone in the country the opportunity to succeed, regardless of where they live.
Investing in children and families, education and skills, and public transport are some of my top priorities as an MP, and I have explored how the budget will achieve this in more detail elsewhere on my website. I am also particularly pleased to see more support for those on the lowest incomes through reforms to Universal Credit. This will see low-income families gain an average of £1,000 per year. Below I have chosen a number of examples of how the budget will build a stronger economy and invest in the future:
Levelling up in South Yorkshire:
- £50,000 of starter funding to fully develop the proposal for the Stocksbridge railway line
- £570 million for public transport in South Yorkshire, including upgrading Supertram
- £20 million to regenerate Castlegate in Sheffield
- £17 million to build the Centre for Child Health Technology at the Olympic Legacy Park
- A new NHS Community Diagnostic Centre in Barnsley town centre
Delivering lifelong opportunities for everyone:
- Supporting the first 1001 from conception to age 2, including £85 million for the Family Hubs programme
- £200 million for the Supporting Families programme
- £170 million of additional funding for nurseries, plus investment in the early years workforce
- Significant investment in schools, including an increase of over £1,500 in per pupil funding by 2024
- £3.2 billion of additional catch-up funding for educational recovery after the pandemic
- £2.6 billion for school places for children with special educational needs and disabilities
- £200 million per year for the continuation of the holiday activities and food programme
- £1.6 billion extra for 16-19 year olds’ education, including delivering new technical qualifications
- £2.8 billion of investment to build and upgrade further education colleges
- Increasing apprenticeships funding to £2.7 billion by 2024
- £554 million to increase retraining and upskilling opportunities for adults
- Funding the Lifetime Skills Guarantee for all adults who don't have A-levels or equivalent
Supporting economic recovery through families and businesses:
- Reforming Universal Credit so that the lowest paid households keep more of their earnings
- Increasing the National Living Wage and delivering pay rises for public sector workers
- Helping families this winter with the £500 million Household Support Fund
- Supporting our high streets with a 50% cut in business rates for retail, hospitality, and leisure
- Creating a new Business Rates Relief tax cut for improvements to business premises
- Extending tax relief for cultural industries, theatres, museums, libraries, and galleries
- Freezing fuel duty for the 12th year in a row - a tax cut of £1.5 billion for motorists
- Supporting pubs by cutting tax on draught beer and cider, and reforming alcohol duties more widely
Investing in our public services:
- £44 billion of additional spending on NHS and health resources over the course of this Parliament
- 50,000 more nurses, 50 million primary care appointments, and record investment in health research
- 20,000 new police officers, along with an extra £2.2 billion for courts, prisons, and probation services
- £4.7 billion of additional per pupil funding for schools
- £1.6 billion of additional annual funding for local councils
- £5 billion to fill 1 million potholes per year
- £5 billion of funding for buses, cycling, and walking projects
- £11.5 billion to build 180,000 new affordable homes
- £640 million extra to help end rough sleeping
- £560 million for youth services to fund 300 youth clubs
This budget is a clear plan for the future that recognises the importance of families and communities. The Government cannot and should not do everything, but instead it must create the right conditions for economic growth that will benefit everyone. That is the best way to improve living standards and provide high quality public services.
