We were told to expect an ‘Autumn Statement for growth’ but instead, despite the promises of tax cuts, working people in places like Dagenham & Rainham are still worse off. After thirteen years of economic failure under the shambling incompetence of the Tories the tax burden is set to increase by £4,300 per household.
The last two years have seen food prices soar by 30%, electricity bills up by 40%, and gas prices rise by a colossal 60%, and whilst the National Insurance cut is welcome, the freeze in personal allowance threshold means that working people on an average wage will actually be £350 worse off per year – having less financial resilience to face the Tories’ economic chaos.
Across Dagenham & Rainham there are a lot of people facing hard times, I know, I speak to them every week. People who can’t keep up with escalating mortgage payments, families sat in coats because they can’t afford to have the heating on and put food on the table at the same time, and independent local businesses who are struggling to stay afloat. The economy simply isn’t working for people in our area. It doesn’t have to be this way.
Labour has a plan. In government we would launch GB Energy, a publicly owned energy firm to deliver cheaper energy bills saving households £900 a year. Coupled with this we would retrofit the nation, insulating homes to save families £500 per year. Not only this but I will personally work in government to ensure that there is a better option for the thousands of people across Dagenham & Rainham currently on extortionate pre-pay energy meters.
Labour will hardwire the voice of small business into Government, cutting high street business rates paid for by taxes on corporate and online giants. Our plan would be worth over £2.6k to the average pub, café or restaurant helping high streets and the communities they sustain thrive.
Ultimately, with growth revised down what has been laid bare this week is the full scale of the damage that this government has done to our economy over thirteen years. And nothing that has been announced will remotely compensate working people in Dagenham & Rainham. This is the first Parliament in history where real disposable incomes will be lower at the end than they were at the beginning. Only a Labour Government will get Britain’s future back.
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