Today, 23 September, the Government outlined The Growth Plan setting out support for families with their energy bills through tax cuts and investment incentives.
Local MP, Andrew Jones, has welcomed the Chancellor’s measures set out for families across Harrogate and Knaresborough who will have their energy bills cut by up to £1,400 through the Energy Price Guarantee, whilst businesses eligible for the Energy Bill Relief Scheme will have their energy bills reduced by cutting the price of wholesale gas.
The Chancellor also confirmed people across the country will benefit from personal tax cuts cutting National Insurance contributions by 1.25 per cent, putting an extra £330 a year in people’s pockets and helping them with cost of living pressures.
Alongside these measures the Government announced further personal cuts including cutting stamp duty permanently by doubling the nil rate band to £250,000 (from £125,000) increasing the nil rate band for first time buyers to £425,000 (from £300,000) and increasing the value of the property which first time buyers can claim relief to £625,000 from (£500,000). These measures combined mean a typical family moving into a semi detached property will save £2,500 on stamp duty and £1,150 on energy bills and if they have a combined income of £50,000 around an additional £560 on tax. This is around £4,200 in total.
Andrew said: “I am pleased with the extra support for households and businesses with fuel bills through the Energy Price Guarantee and also today’s surprise announcement of the reduction in the basic rate of Income Tax down to 19 per cent.
“There are a huge number of measures, many focused on our productivity and investment which are the platforms for future growth. So, plenty to be positive about here in Harrogate and Knaresborough.
“If would you like a copy of the statement, please do email me and I’ll send you a link.”