In his latest column, High Peak's Conservative MP Robert Largan reacts to Chancellor Rishi Sunak's Spring Statement in the House of Commons.

Last week, the Chancellor delivered his Spring Statement to Parliament, setting out the state of the nation’s finances and some of the steps being taken to help families cope with the rising cost of living.

Due to a variety of factors, including rising demand in China and the Russian invasion of Ukraine, we’re seeing rising global energy prices. This is pushing up the price of fuel, food and general inflation. I am extremely concerned about this increased economic uncertainty.

The scale of these global price spikes is going to impact everyone and it’s essential that the Government does what it can to reduce the burden of rising prices and help people get through these worrying times.

I welcome that both Fuel Duty and VAT on energy-saving materials (like insulation) have been cut, reducing the impact of rising fuel and energy prices on people’s pockets.

The Chancellor also announced the biggest cut to personal taxes in over a quarter of a century. The National Insurance threshold will increase to £12,500 from July, cutting NICs by over £330 a year for 30 million working people. Additionally, from 2024, the basic rate of Income Tax will be cut to 19p - the first Income Tax cut for 16 years.

To help local councils support the most vulnerable, the Household Support Fund has been doubled to £1 billion.

This is all on top of the changes made in the Autumn Budget and at the beginning of the year, when the Chancellor increased the National Living Wage by 6.6 percent from £8.91 to £9.50 and reformed the Universal Credit taper rate to ensure people on low incomes keep more of their money.

The Government is also consulting on a range of measures to stimulate private sector growth - on business capital investment and research and development. Because economic growth is the only way to avoid higher tax and higher debt while funding public services.

I am particularly pleased about the VAT cut on energy-saving materials, having recently written to and met with the Chancellor, urging him to include this measure in his statement.

It’s rewarding to see your policy proposals getting put into practice, especially when you know it will help a lot of people locally.

I know that this is a deeply worrying time for many High Peak residents, so to anyone who is struggling to get the support they need, please don’t hesitate to contact me. I am taking up lots of individual cases and making the case to the Government for other areas where we can help people struggling with rising bills.

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