Setting the Budget each year is one of the most important tasks any government has, and where key decisions about public spending are made. The Budget we have just delivered shows the difference a Labour government makes: investing in our country and putting the money in place to deliver Labour’s promises to restore our broken public services, from policing to the NHS. And none of this is funded through tax increases on working people, but instead by ensuring those with the broadest shoulders pay their fair share.
The cut in duty on draught alcohol directly supports our local pubs. Additionally, the increased employment allowance for small businesses – which reduces their National Insurance costs, and which has been endorsed by the Federation of Small Businesses – will allow them to reinvest and grow, creating jobs and helping our high streets to thrive.
And to tackle the housing crisis, we’re putting an extra £500 million into constructing thousands of social and affordable homes next year. For far too long, social housing has been neglected. Labour is now making sure families across the UK – including here in Peterborough – can access secure and affordable housing. Reforms to the right-to-buy scheme will also allow councils to replace homes sold, addressing housing shortages and helping build sustainable communities.
After 14 years of underfunding, the NHS is in desperate need of support. So, we’re allocating £25 billion of additional funding to bolster healthcare infrastructure, ensuring people can access essential services like GPs and dentists, something that is hugely important in our area. Labour created the NHS, and now we are committed to rebuilding it to meet the needs of everyone. This funding is a critical step in our mission to eliminate backlogs and improve the overall quality of care.
And funding for breakfast clubs in schools, along with significant investments in childcare, will make a real difference for families here. This support means children can start their day ready to learn, and parents can access affordable childcare options, reducing financial stress.
To address the cost-of-living crisis, the national living wage will be increased by 6.7%, delivering a pay rise to over three million people. The extension of the household support fund and the safeguarding of the triple lock on pensions – which will see the state pension rise by over £400 in April – also show Labour’s commitment to protecting our most vulnerable and our pensioners.
Labour’s industrial strategy will inject over £20 billion into research and development in emerging industries, ensuring the UK remains competitive on the world stage. Locally, improvements to infrastructure, including broadband upgrades, will also help to ensure everyone can properly access the internet. We are building an economy equipped to tackle the challenges of the future.
This is just the beginning. Labour is delivering real change, and I’m proud to be part of a government dedicated to putting people first. Together, we’re building a better future for everyone in North West Cambridgeshire and beyond.
This Column was published by the Peterborough Telegraph on 8 November, 2024.