Shropshire MPs' column: What does the budget mean for households

Last week’s Budget contained a huge amount of information and – understandably – many people are still trying to work out what it all means.

In a nutshell, I’d say the winners are households (getting £100 off their energy bills), more small businesses (lifted out of business rates), Shropshire Council (now being able to keep business rates, and access growth funds) and first-time buyers (getting help to get on the property ladder).

Who is paying for all this? Answer: The banks, who’ll pay three per cent more tax. Gambling and vape shops who will pay higher tax. Central Government who will hand over business rates to be spent locally.

The Budget focused on easing pressure on household finances and backing local businesses.

Personally, I’d like to take this opportunity to say thank you to the many local businesses and organisations in Shrewsbury who have engaged with me over the past year to help shape my lobbying of the Government. I'm pleased to see a number of the priorities they raised, reflected in the Budget.

So, let’s break it down into bite-size pieces:

Some key measures include

● £100 off Energy bills (and removing standing charges from gas bills) – a move to help bring down costs for families and provide greater protection from rising prices, funded in part by higher taxes on the banking sector.

● Taxing health harm through Gambling duty reform: increasing tax to 25 per cent on gambling operators, ensuring the industry makes a fairer contribution while helping fund public services.

● Support for local businesses, including raising the threshold for paying business rates to £18,000 p.a., and extending business rates relief, meaning more than half of retail, hospitality and leisure businesses will pay no business rates at all.

● A six per cent bank surcharge, requiring the biggest banks to contribute more and using that revenue to help fund cost of living support, including action to reduce energy bill pressures.

● A new First Time Buyers ISA and Government backed loans, helping aspiring homeowners build a deposit faster and making it easier to get onto the housing ladder.

● Improving Carer's Allowance by tapering the benefit so that it reduces as earnings rise rather than a cliff edge removing the benefit entirely.

I look forward to building on this to ensure Shrewsbury continues to get its fair share, but I think this Budget was a welcome step forward.

Meanwhile, in my efforts to keep in touch with residents, I am continuing to arrange face-to-face meetings and surgeries across town.

Upcoming events: Saturday, November 7, 10am to 1pm – face-to-face advice surgery appointments, Saturday, November 14, 10:30am to 12:30pm – ‘Meet your MP’ event, and Saturday, November 21, 10am to 1pm – online advice surgery.

Interested? Please e-mail [email protected] or call 01743 650434.