At the Autumn Statement, the Chancellor of the Exchequer set out how improving economic conditions have allowed the Government to revisit the burden placed on constituents by taxation. We all know that over the last few years, the Government has had to step in to support people across the UK. £400 billion was spent during the COVID-19 pandemic, supporting jobs and businesses, while £100 billion has been spent since Russia’s invasion of Ukraine to support people with energy costs.
As a Conservative, I firmly believe in fiscal responsibility. Every pound borrowed must be paid back and we need to ensure that our nation’s debts aren’t allowed to build further. Thanks to the careful work of the Chancellor, we are now in a position to cut taxes and look to growing the economy.
In the Autumn Statement, the Chancellor announced plans to cut taxes for 29 million working people. This is achieved by reducing national insurance contributions in class 1 primary main rate; the reduction of the NICs class 4 main rate; and the removal of the requirement to pay class 2 NICs. By cutting national insurance first the Government is putting more money into the pockets of working families, rewarding those in work.
It is for this reason that I was keen to speak in today’s debate on the National Insurance Contributions Bill. This is the Bill that will see individuals save hundreds at a time when inflation remains high, and others look to punish hardworking families through punitive measures, such as the Mayor of London’s Ultra Low Emission Zone.
I focused my brief speech on the impact of foreign students on the UK economy and the challenges that many face looking to settle here after graduation.
