Autumn Statement: Measures announced for north-east are welcomed
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Banff and Buchan MP David Duguid has welcomed the Chancellor’s Autumn Statement which he says will unlock unprecedented benefits for north-east businesses and boost living standards across the region.
Jeremy Hunt’s statement outlined a number of measures for the north-east, including a freeze on whisky tax, a financial pledge to ramp up new technologies for carbon capture, usage and storage projects like Acorn at St Fergus, the extension of financial incentives for the North East Scotland Investment Zone and more levelling up projects across Scotland.
The Chancellor also announced a cut in National Insurance for thousands of workers, including the self-employed, a 9.8 per cent increase to the minimum wage to £11.44 per hour, and confirmation of the pension triple lock with an increase of 8.5 per cent to the state pension.
The new minimum wage, which comes into force in April, will also be expanded to 21 and 22-year-olds from the first time.
Mr Hunt also revealed a cut to business taxes which Mr Duguid says will directly benefit industries in his Banff and Buchan constituency, including oil and gas, fishing, farming and food and drink.
He pledged a £2.5 billion overhaul of benefits for people with long-term health conditions or disabilities, or those facing long-term unemployment.
Mr Duguid said: “The Chancellor’s Autumn Statement will deliver unprecedented benefits to the north-east economy and boost living standards across the region.
“His personal support in his statement for unlocking new oil and gas developments is a huge vote of confidence for the industry in contrast to the SNP and Labour who want to close the sector down.
“The Chancellor also made ‘full expensing’ permanent, meaning for every million pounds a company invests, it gets £250,000 off its tax bill. This represents the largest boost for business investment in modern times.
“In addition, the Chancellor’s extension of financial incentives for investment zones is another milestone for north-east Scotland which was selected earlier this year.
“The £960 million pledged for the new Green Industries Growth Accelerator will directly enhance projects such as Acorn at St Fergus which is extremely encouraging.
“I’m delighted the Chancellor has frozen whisky duty which will provide increased certainty to an industry that is vital to our region’s social fabric and supports hundreds of jobs across Aberdeenshire and Moray.
“The one-year extension to 100 per cent tax breaks for business investment is also strong backing from the UK Government for industries including energy, fisheries, agriculture and food and drink more generally.
“This Conservative Government’s Back to Work plan is a long-term decision and investment to help more people get into work, shifting the focus of the fit note process towards treatment rather than sign-off by default.
“The UK Government continues to support families with high energy bills and has cut borrowing and halved inflation.
"It’s clear our economy is on the right track and these additional 110 measures will continue to boost livelihoods and jobs both in Banff and Buchan and the wider north-east of Scotland.”
