Fleur Anderson Reacts to the Chancellor's Autumn Statement
Says it fails Putney households, environment and businesses
Fleur Anderson in the House of Commons
November 24, 2023
There has been a negative reaction from Putney’s MP to Jeremy Hunt’s Autumn Statement.
Fleur Anderson MP claims the measures announced do not do enough to curb high household bills, mortgages, help with the race to net zero nor support local businesses in Putney.
The Labour MP responded to the Chancellor’s Statement as the Financial Times reported that the current UK parliament is the only parliament in 70 years to oversee a decline in household living standards with UK households to be £1,900 poorer by 2025.
In the statement made on Wednesday (22 November), Jeremy Hunt outlined cuts to personal and business taxes, saying that the Government had ‘halved inflation, reduced our debt and grown our economy’.
He continued, "Rather than a recession, the economy has grown. Rather than falling as predicted, real incomes have risen. Our plan for the British economy is working. But the work is not done. Under this Prime Minister we take decisions for the long term.
"In today’s Autumn Statement for Growth our choice is not big government, high spending and high tax because we know that leads to less growth, not more. Instead we reduce debt, cut taxes and reward work. We deliver world class education. We build domestic sustainable energy.
"And we back British business with 110 growth measures."
However, Labour says that with the Chancellor’s freeze in the personal allowance threshold, a couple on an average wage will still be £350 worse off per year.
The OBR have confirmed that the worst is yet to come for mortgage-holders. Prior to the financial crisis, when Bank Rate was last raised to current levels, only around half of all outstanding mortgages were fixed rate contracts. Today around 85 per cent are on a fixed term, with two thirds of these on a term longer than two years. Rates are expected to peak in 2027, but at 5% a far higher level than previously expected.
Ms Anderson said, “Every Saturday, I visit households across Putney, Roehampton and Southfields to listen on the doorstep to the main challenges they’re facing. The cost of living crisis is a constant topic of conversation– with many families still in the throes of just managing to scrape by, using their savings to pay bills and mortgages. Many are families who have never struggled financially before – and for those who were already suffering, most are completely reliant on foodbanks and taking out large loans just to make ends meet.
“Since October 2021, food prices have risen by 30%, gas prices have risen by 60% and electricity prices have risen by 40%. That is an utterly unsustainable increase in pressure on households across Putney. It is the already struggling who will suffer the most, including children living in poverty. It is simply unacceptable.”
“The Autumn Statement needed to be bold, with a clear vision for the future of Britain. It needed to address soaring bills and mortgages, skills shortages, the transition to net zero and green energy, support businesses, increase growth. Without an industrial strategy and policy certainty, businesses won't have the confidence to invest in the UK. This is an issue that must be seen holistically – with a whole systems approach. One of the main barriers to investment that businesses cite is the inability to get things built in Britain. Our planning system is broken, meaning we have billions of private investments that are either being blocked or going to other countries.
“This Conservative Government’s ambition for our country is simply too small. Labour wants to see Britain leading the world as a clean energy superpower – creating growth, quality jobs and energy security. The Tories’ strategy for green industries is to let the EU, USA, and China get a 3 year head start- costing Britain to lose the race for jobs and investment, and undermining our energy security. “
Labour have countered the government’s plans with a £2.5bn British Jobs Bonus scheme, alongside GB energy and a National Wealth Fund to increase employment opportunities.
Dr Roger Barker, Director of Policy, IoD, "We would like to have seen more substantive measures to address the problem of skills shortages, which continue to be a problem for our members. There was also little aimed at underpinning the business transition to net zero."
Chris Richards, Director of Policy at the Institution of Civil Engineering. "For those looking for direction from the Chancellor on how the UK will pick up the pace, [on long term infrastructure goals] today’s Autumn Statement was disappointing.
"The statement provided little additional clarity on key pledges like Network North, and the choice to maintain capital budgets in cash terms again, effectively means another cut in infrastructure spending."
Emma Pinchbeck. Chief Executive, Energy UK added , "It also remains a concern that with January’s price cap announced tomorrow, energy customers face bills similar to – or even higher than – last winter in the absence of Government support. Even at this late stage, we urge the Government to consider bringing in targeted support for those in most need in this winter and to get on with looking at how to make bills affordable for all customers over the longer term."
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