Today, I condemned the fast unravelling budget that has only lasted 7 days. Last week the Chancellor of the Exchequer delivered his budget which contained a policy to raise National Insurance Contributions (NICs) for the self-employed. Today, the Chancellor announced that they would be scrapping this policy, I welcome this U-turn.
The NICs increase proposed would have seen them increase by 2% over this Parliament. The policy was set to see a self-employed person earning £20,000 a year lose £239 in take home pay. Today, the Chancellor performed a dramatic U-turn and scrapped the policy.
Up to 200,000 self-employed workers in Wales faced the prospect of the 2% rise in their NICs and that figure stood at 7% of the workforce in Delyn. Read more “Government U-turn on Budget”
I believe that this year’s Budget is deeply concerning for Flintshire. It will harm the self-employed and sees no growth deal for the North Wales region.
At the start of the Budget the Chancellor announced the Office for Budget Responsibility’s forecast going forward. This showed that inflation was revised up this year by 0.1 per cent- further squeezing living standards. The OBR today said there is due to be a slowdown in consumer spending as a result of inflation weighing down on real incomes.
Growth was revised down for 2016, 2018 and every remaining year of this Parliament. The Government’s record on growth is one of failure; sluggish growth and a disappointing recovery.
There was no announcement from the Chancellor to help the North Wales region with an investment programme. Instead more money and power was granted for the South East; yet further centralising power and wealth within London and the surrounding area. Read more “Budget Speech 2017”