Thousands of North Northumberland households to benefit from Budget
I wholeheartedly welcome support for families and high street businesses announced in today’s Budget.
This is a ‘calming the storm’ budget
Thousands of households in North Northumberland will soon receive direct help with energy bills, while more local businesses will benefit from business rates relief.
The measures, announced by Chancellor John Healey this afternoon, form part of a Budget designed to provide breathing space for families while making the long-term choices needed to put the country on a better course.
Eligible Band A-D households in England will receive a £100 Household Energy Payment to help with rising energy costs, with around 40,450 properties in North Northumberland set to benefit. The scheme will be funded through a 3% increase in the Bank Surcharge for 15 months.
The Chancellor also extended the temporary 0% VAT rate on electricity until at least 30 June 2027, while Ofgem will work to abolish gas standing charges.
‘I know that many of you are worried about energy costs as we go into the winter‘
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Business Rates Relief
There is also targeted support for the high street, with a £1 billion business rates package that will see the Small Business Rate Relief threshold raised from £12,000 to £18,000 for Retail, Hospitality and Leisure (RHL). The new thresholds mean that an estimated 52% of all RHL properties in the North East will pay no business rates at all.
The increase in threshold, along with wider business rates support, will be funded by raising duty on higher-stakes gaming machines from 20% to 25%, excluding adult gaming centres and vape shops from certain business rates reliefs, and tightening rules on online marketplaces to make it harder for sellers to avoid paying VAT.
I know that many of you are worried about energy costs as we go into the winter, particularly those who rely on heating oil and LPG to heat their homes, and the £100 payment will ease the pressure for thousands of local families. This follows the 4% tariff cut on kerosene heating oil announced earlier this week, which should help reduce costs and improve supply.
Alongside providing immediate breathing space, the Budget starts the longer-term changes needed to deliver growth across the country. It backs investment and innovation, supports first-time buyers and affordable housing, gives local leaders more control over economic decisions, and strengthens Britain’s economic and national security.
I’ve also heard from many small businesses over the last year who are struggling with rising costs, so the increased Business Rate Relief threshold is really welcome. It will make a difference to local businesses and give our high streets and town centres a boost.
This is good news for families and businesses across North Northumberland. The key thing is that this help is being delivered in a responsible way, with sensible choices about how it is paid for. These are Labour decisions: backing families and businesses today while building a stronger Britain for tomorrow.
All of this is underpinned by fiscal discipline, providing the foundation for the Government’s long-term plan for growth.
Chancellor John Healey MP said: “This is a Budget for breathing space today and fresh hope for the future in North Northumberland.
“We are putting money back into the pockets of families, cutting costs for motorists and backing the shops, pubs and businesses at the heart of our communities.”
