I am pleased that the Chancellor has announced an Autumn Statement today that is fair and involves a roughly equal split between tax rises and spending cuts, with the greatest burden falling on those who can afford it most. We are restoring stability and tackling inflation by:
Protecting and maintaining public spending for the next two years at the levels set out in 2021 and then increasing spending by one per cent in real terms a year until 2027-28
Increasing tax payer funding for our NHS and schools by an extra £11 billion over the next two years
Extending the Energy Price Guarantee until April 2024, while providing £12 billion in additional support to help the most vulnerable households
Uprating benefits in line with inflation and protecting the pensions Triple Lock
Boosting growth with over £600 billion in capital investment over the next 5 years, protecting the Levelling Up Fund, protecting R&D spending, using our Brexit freedoms to reform the financial services sector and providing a £14 billion business rates cuts package.