MP welcomes Autumn Statement

Steve Brine has welcomed the Autumn Statement, given by Chancellor George Osborne in the House of Commons on Tuesday 29th November.

In his speech, the Chancellor set out details of further action the Government is taking to protect the UK from global instability and the Eurozone crisis, building a stronger and more balanced economy for the future.

Key announcements included rail fares to be capped at inflation plus 1%, while the fuel duty rise for January has been scrapped. The planned 5 pence rise in August has also been limited to 3 pence. Free nursery care targeted at two-year-olds from poorer families will be extended to 260,000 toddlers and the Chancellor confirmed a £940m scheme to target youth unemployment by subsidising work placements in the private sector.

There is also a new £40bn 'credit easing' scheme, which will underwrite bank loans to small firms, while a mortgage indemnity scheme has been created to help 100,000 people get onto the property ladder.

Mr Osborne also set out plans for a managed motorway scheme on the M3 in Surrey, which will affect thousands of Winchester & Chandler's Ford motorists.

Steve Brine MP said: "I was in the chamber for today's Autumn Statement, and I very much welcome what the Chancellor had to say. Clearly, the government is making much needed reductions to spending to aid long-term growth and help protect the country from global instability, and I was happy to hear measures announced to support households and businesses as we experience high inflation.

"I was excited to hear George mention the M3 scheme, and I have already spoken to the Roads Minister to secure more details. The managed motorway scheme is a £150m fund which will make improvements to the hard-shoulder between junctions 2 and 4a. This piece of motorway can be particularly frustrating, and I know from experience myself how local motorists who travel on that stretch will be pleased to hear the hard-shoulder will be brought into use as another carriageway."

Work will begin next year and will finish in 2014. He added: "This will help to ease traffic flow at this notorious point, which I still hear on daily traffic reports. Crucially, it will also help the environment, as fewer cars will be constantly stopping and starting, which increases CO2 levels dramatically.

"In summary, I fully welcome the statement, particularly the news regarding rail fares, and the determination of the Chancellor to stick to his guns and guide the British economy through these extremely choppy waters. It must also be remembered that the Government's deficit reduction plan is keeping our interest rates low, and I know that just a 1% rise in interest rates would add £1,000 a-year to the average family mortgage here in Winchester & Chandler's Ford."

More information...

You can read the full Autumn Statement at http://cdn.hm-treasury.gov.uk/autumn_statement.pdf.