Dr James Davies MP has welcomed the Chancellor’s budget which will deliver unprecedented support to the people of the Vale of Clwyd, and boost economic growth.
James has welcomed the announcement of continued support for people with their energy bills. In total, this is worth £94 Billion as a support package. The Energy Price Guarantee is to be extended, at the present level – £2,500 for the average household – for a further three months.
In a move to ensure fairness for all, charges for prepayment meter customers will be brought in line with those for direct debit customers. The change will protect more than four million households. Fuel duty will also be frozen for the thirteenth year, saving the average driver around £200 and maintaining the 5p/litre cut for another 12 months.
For families, free childcare for working parents has been expanded in today’s Budget. 30 hours of childcare a week is to be extended to all working parents of children aged 9 months to 4 years in England. Equivalent funding has been announced for Wales through Barnett consequentials and it is to be hoped that the Welsh Government will use this funding to match the policy. In addition, support for childcare for those on Universal Credit is to be enhanced, as is help for those on UC to move into work or increase their earnings.
To support enterprise, £20 billion in funding has been announced for early deployment of carbon capture usage and storage (CCUS). This will unlock investment and job creation, particularly here in North Wales where the HyNet project plans to store CO2 in the former hydrocarbon fields off the coast of the constituency.
In addition, the Chancellor has launched Great British Nuclear (GBN) to ensure nuclear power can provide 25% of electricity by 2050, as part of plans for a "clean energy reset". This means energy security and net zero production.
Business is to be boosted further with the prospect of a new Investment Zone in Wales, further investment in R&D and a £25bn fund to allow 100% tax relief on capital investment over the next three years. Pubs will benefit from a new rule relating to the duty on draught beer, meaning that draught duty will be up to 11p a pint less than duty in supermarkets.
The Welsh Government will receive £20 million of funding to upgrade the historic Grade 2 listed Holyhead Breakwater, safeguarding the hundreds of jobs this port supports in North Wales.
Further good news related to pension changes which will remove the disincentive for clinicians to retire from the NHS before they would otherwise wish to.
Finally, in the Budget today, James was pleased to hear that funding is to be provided through the UK Community Ownership Fund to help ensure that the Salusbury Arms in Tremeirchion can be acquired and maintained for the benefit of the community.
James said:
“I warmly welcome today’s budget and the support it offers to halve inflation, grow the economy and deliver better-paid jobs and opportunities across Britain, including in the Vale of Clwyd.
“The expansion of free childcare will help parents get back to work, remove financial stress, and boost economic growth. I strongly urge the Welsh Government to match this commitment by HM Government with the equivalent funding they have today received through Barnett consequentials.
“It is good news that struggling households will receive much needed continued support and certainty with their energy bills. The extension of the Energy Price Guarantee will ease the pressure on those struggling with bills and deliver greater certainty for struggling households.
“The changes for Prepayment meter (PPM) customers will end the unfair practice of being charged a “PPM penalty” compared to direct debit customers.
“Today’s budget has delivered good news for the North Wales economy. The Budget’s investment in CCUS, the Holyhead Breakwater and the launch of GBN will deliver increased economic prosperity and job opportunities in the Vale of Clwyd, and across North Wales.
"With a potential new nuclear sites at Wylfa and Trawsfynydd, HyNet being chosen as a track 1 CCUS cluster and works on Holyhead Breakwater, there are welcome job and economic opportunities created for our region in today’s budget.”
