I was in the House of Commons last week to hear the Chancellor deliver the Spring Budget.
Since the 2020 pandemic and the invasion of Ukraine, the Government has been working to get the economy back in order.
One of the key messages is that issues are now under control. Inflation is falling, energy costs are lower and latest figures show pay rises have outstripped inflation by the biggest margin in nearly three years. The jobs market remains resilient too with the unemployment rate at 3.9% - much lower than many of our competitors.
The economy has performed better than forecast, beating our European neighbours. Inflation has more than halved. Mortgage rates are starting to fall and debt is set to fall too.
The budget then very much reflected this position because the Chancellor needed to be cautious but he had room to help us too. There were plenty of positive announcements with a further 2p cut in National Insurance contributions putting another £450 into the pickets of the average worker and the announcement of a much higher child benefit salary threshold that will now start at £60,000. This will benefit many families in Stourbridge. As well as the new higher threshold, the amount is going up for the next financial year. It will increase to £24 a week for the oldest or only child and £15.90 per week for additional children.
Other good news was the freezing fuel duty for the 14th year in a row – a move that will save drivers £3.1 billion. Another freeze was on alcohol duty in a boost to over 6,300 pubs and venues in the West Midlands who are struggling with costs. The VAT threshold also rose to £90,000 – another help to small businesses.
Locally there was more money for the West Midlands, including for investment zones and a new £15m boost for culture and heritage. Coupled with the huge boost in funding for transport and roads from cancelling HS2, I remain optimistic and excited for our region. This includes my ambition for a Stourbridge Dasher train service to reinstate passenger services on the four-mile freight-only branch line between Stourbridge Junction and Round Oak, Brierley Hill.
International Women’s Day was last week and this year, I would like to highlight women in Stourbridge who have done something special.
I know there are so many women who are doing great work inspiring people every day of the year from those at Mary Stevens Hospice, female entrepreneurs who have their own businesses, Julia from Friends of Wollescote Park, Talkin' Tables, the ladies at the Elton Centre to name but a few, I know there are more, so please get in touch.
Nominations are open until 29th March and can be sent to: [email protected]