The Chancellor’s Spring Budget last week brought many things which I know will please those living in my Brentwood and Ongar constituency.
One of the issues which has irked parents in recent years has been the gradual withdrawal of Child Benefit once one parent earns more than £50,000. It’s been pointed out to be that while Child Benefit stops completely if one person in the household earns more than £60,000, two people earning £49,999 will get Child Benefit paid in full.
This unfairness had been recognised by the Chancellor, who has announced that by April 2026, household income as a whole will be considered, rather than just the income of one parent.
The increase in public spending as a result of the Covid-19 pandemic and the impact of the war in Ukraine has seen taxes rise in the last few years, and I know this is not what Conservatives want, or expect, to have to do.
The Budget saw tax cuts for working people through 2% cut to Employee National Insurance payments taking it to 8%, while those who are self-employed benefit from a cut to the cost of Class 4 National Insurance Contributions. For an entrepreneurial area, this is good news for my constituents.
There a funding boost for the NHS and, as someone who is fascinated how AI technology can be used to improve services, I am pleased to see the NHS being given several billion pounds to invest in digital transformation, significantly reducing the 13 million hours lost by doctors every year because of old IT and enabling test results to be delivered faster thanks to AI-fitted MRI scanners that help doctors read results more quickly and accurately.
I know the Budget won’t have given everyone what they want, but I am confident we are on the right path to growth.