Chancellor's Spring Statement backed by Swindon MPs

South Swindon member Sir Robert Buckland and North Swindon counterpart Justin Tomlinson highlighted key measures such as cutting fuel duty by five pence for 12 months, raising the personal National Insurance threshold from £9,500 to £12,570 from July and cutting basic income tax to 19 percent in 2024.

Sir Robert said: "The situation in Ukraine reminds us that the United Kingdom’s security and ability to be a force of good in the world is in large part based on the strength of our economy. 

"That is why this Government is going further to strengthen our economy, publishing a new Tax Plan to reduce and reform taxes."

Mr Tomlinson said: “Today we heard that we are cutting fuel duty, cutting the basic rate of Income Tax and cutting National Insurance for 30 million working people – meaning people can keep more of what they earn and delivering some immediate relief for cost-of-living pressures.”

Hours before the Chancellor made his announcement Sir Robert, writing in a national newspaper, called on Mr Sunak to "...stand and deliver."

Sir Robert noted: "I warmly welcomed the government’s decision to take direct action to help council tax payers this spring and also to offer help on energy bills, but with household and business fuel bills set to soar and even media financial expert Martin Lewis running out of ways for consumers to save money, then a bigger package of support would be timely.

"Once again, it’s time for Rishi Sunak to stand and deliver."
On the subject of National Insurance, Sir Robert wrote: "The rise in national insurance contributions, announced last year, was an example of the government making political difficult decisions in the national interest and of the need to be prepared to increase taxes as well as decrease them in order to achieve economic credibility.
"I was a member of the cabinet that endorsed this decision last September, bearing in mind our commitment to deal with the NHS Covid backlog and to start to fix social care.
"Given the rapidly changing economic situation, however, the government would be wise to give things a tyre kick. With the current rate of inflation at 5.5 per cent and likely to rise, asking working people whose incomes are already squeezed to pay significantly higher taxes is no longer sensible.
"The government should significantly raise the national insurance threshold itself. This would protect low and median-wage workers from a potential real-term rise of £182.21 per year and help address some direct concerns about the increased costs this would bring.
"With petrol prices having risen 13p since the start of this month and diesel climbing higher still, by almost 21p, cutting fuel duties is another option open to the chancellor. This would not need to be a permanent measure, but nevertheless is a necessary step to help businesses and families with the difficult choices they currently face."
Sir Robert added: "Neither of these measures would be easy: the proposed national insurance threshold increase would cost the Treasury about £5 billion.
"They would however, be both morally justified and fiscally well timed given the unexpectedly large revenue the Treasury has received through the chancellor’s tax allowance freeze. The Institute for Fiscal Studies calculates this at more than £20 billion, significantly higher than the £8 billion previously expected."