This is a Budget which emphatically delivers on West Oxfordshire’s priorities.
This Budget locks in the economic progress we have made in recent years and repays the hard work of the British people. It paves the way towards a modern Britain that is fit to seize the opportunities of the future, with increased support for our vital public services and more investment in our high-productivity, high-wage future.
The Government inherited the largest peacetime deficit in the history of our country, with an economy in deep recession. Tough decisions have had to be made to get our public finances back in order.
It has been a challenge, but thanks to these tough decisions and the hard work of the British people, the economy is back on its feet, with borrowing at its lowest level in almost 20 years, the national debt finally falling and wages growing at the fastest rate in a decade. This is not to mention the jobs miracle that has taken place since 2010: with over 3.3 million more people now in employment.
This economic recovery means that we can increase investment in our public services and bring the era of austerity to an end.
I welcome the Government’s commitment to a £20.5 billion real terms increase in NHS spending over the next five years, delivering on the wishes of the British people. I am particularly pleased that this will include a £2 billion boost for mental health funding, which will ensure that anyone going through a crisis has access to the support they need.
There is also a £400 million boost for schools, which will equate to a bonus of roughly £10,000 for every primary school in West Oxfordshire and £50,000 for every secondary school, ensuring they have the funding they need to meet the challenges they face.
But this Budget also delivers on West Oxfordshire’s other priorities. An additional £420 million is being unlocked for pothole repairs, there is an extra £30 billion investment in our transport network, and a £1.8 billion boost in defence spending. There is also a welcome freeze to fuel and beer duty, keeping the cost of living down for hard-working people across West Oxfordshire.
Further still, the Chancellor has responded to my lobbying efforts and promised to cut the business rates bills of our small, independent high street retailers by a third. This represents a bill cut of up to £8,000 a year for small businesses, pubs and cafes, ensuring that West Oxfordshire’s high streets continue to thrive and remain at the heart of community life.
But thanks to the Government’s balanced, disciplined approach – and the strong economy built by the British people – this increased investment will not be funded by tax increases. Instead, the Government will deliver on our manifesto commitment to keep taxes as low as possible, raising the personal allowance and delivering a tax cut for 32 million people.
Overall, this is a bold and ambitious Budget which delivers for the hard-working people of West Oxfordshire. It sees additional – but crucially sustainable – investment in our world-class public services, funded by our dynamic economy, ensuring we meet the challenges of the future and build a brighter, more prosperous Britain that we can all be proud of.
Robert Courts MP
29/10/18