This week the Chancellor of the Exchequer, Rishi Sunak MP, announced his Budget and for me, there were three big problems:
1) The Conservatives have no plan to tackle the growing cost of living crisis.
2) They have no plan to remove the enormous tax burden they have placed on working people and businesses – in fact it came to light on Wednesday that households will pay £3,000 more tax by
2026/27 than when Boris Johnson became Prime Minister. This is simply staggering!
3) And they have no plan for growth, which is crucial to boosting our economy.
This Budget comes at exactly the wrong time, just as people are feeling the pinch - with energy prices rising, the cost of petrol at record levels, and food bills soaring. The Conservatives have created this crisis where thousands of people are struggling with the basic cost of living and for many, it will be an extremely tough Winter.
In Edgbaston, 11,440 households have already been impacted by the cut to Universal Credit which will see them lose more than £1,000 a year. More than a third of claimants in Edgbaston are in work,
and it affects more than 7,189 children who live in a household claiming Universal Credit.
Simply put, this is an out-of-touch, high tax, low growth budget that will do nothing to help the residents of Edgbaston constituency.
Labour has a plan to ease the pressure on households and businesses right now. We’d abolish VAT on domestic energy bills for 6 months to help people get through the winter months, and we’d cut Business Rates next year.
These measures would be paid for through higher than expected VAT receipts in the first half of the year, and a temporary increase in tax on digital services firms like Google and Facebook who’ve done so well out of the