During today’s Spring Statement, the Chancellor announced a strong set of measures including a cut in fuel duty by 5p, an increase in the National Insurance threshold to £12,570 and the scrapping of VAT on energy saving materials. The Chancellor’s action on fuel duty marks a historic moment as only the second reduction in 20 years and the largest cut ever.
Delivered against a difficult backdrop of the looming cost of living crisis, the impacts of the Covid pandemic and the war in Ukraine these measures will have a positive impact on individuals and businesses across Pembrokeshire.
Preseli Pembrokeshire MP, Stephen Crabb said:
“I have consistently argued that fuel tax is too high for rural communities like Pembrokeshire. The Chancellor’s landmark decision to cut Fuel Duty by 5 pence will be welcomed by the thousands of individuals and businesses across our County who rely on road transport. The big increase in the threshold for paying National Insurance Contributions to £12, 570 is another good measure which will benefit many people on lower incomes.”
“When compared to the rest of the country, Wales has a significantly higher proportion of poorly insulated homes. Abolishing the tax on insulation and other energy-saving measures is a really practical way to help more people cut their energy costs and stay warm. Improving home insulation is one of the quickest ways to help shield people from high gas prices.”
“Overall today’s package makes a strong start in tackling the cost of living crisis. I suspect the Chancellor may need to bring forward further measures in due course depending on how long the surge in energy prices continues. I will keep making the case for practical steps that make a real difference for people in Pembrokeshire, especially those on the lowest incomes.”