In recent weeks I joined with around 50 parliamentary colleagues in contacting the Chancellor of the Exchequer to ask him to continue the Government’s commitment to freezing fuel duty.
Given the pressures that fuel costs can add to the weekly shop, it will come as no surprise that I welcome the announcement in last week’s Autumn Statement that fuel duty will indeed be frozen for the seventh consecutive year. This move will save the average car driver £130 a year.
I also welcome the Chancellor reaffirming his commitment to increasing the Personal Tax Allowance.
The amount of income you can earn before paying income tax currently stands at £11,000, and will rise to £11,500 in April 2017. Last week the Chancellor confirmed it will continue to increase to £12,500 by April 2020.
The continued increases in this tax allowance since 2010 have cut tax for 28 million people and have taken four million people out of income tax altogether.
The Universal Credit taper rate will be reduced from 65 per cent to 63 per cent next year, with three million households set to benefit from this change.
For example, a single parent with one child, not receiving support with their housing costs, earning £15,000 will benefit by £170 a year.
The Chancellor also confirmed a rise in the National Living Wage, from £7.20 to £7.50 next year, working out as a further pay rise for 1.3 million people, worth over £500 a year to a full-time worker.
Before Christmas, the Government are to consult on ways to tackle pensions scams, including banning businesses from cold calling someone about their pension.
This includes scammers targeting people who inadvertently ‘opt-in’ to receiving third party communications.
Additionally, LIBOR fines collected from banks who break banking rules, continue to be given to causes benefitting armed forces and emergency services charities.
£102 million will go to more than 100 projects supporting those who serve in the armed forces and emergency services, as well as children’s hospitals, air ambulances and emergency responders, over the next four years.