Ilford MP blasts Autumn Statement
PUBLISHED: 11:00 25 November 2016 | UPDATED: 17:19 25 November 2016
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An MP has blasted the chancellor of the exchequer’s Autumn Statement, unveiled on Wednesday.
Despite forecasting the UK to be the fastest growing major economy in 2016, the Office for Budget Responsibility has predicted growth to slow and inflation to rise over the next two years.
Ilford North MP, Wes Streeting called the economy’s outlook “pretty dire”.
“There’s a Brexit bill of £58million at the heart of it.
“The mere prospect of leaving the European Union has already damaged growth and business investment.”
“The government has not met any of its targets for reducing the debt of deficit.
“By the end of this decade national debt will have exceeded £2trillion for the first time in history.”
But Cllr Tom McClaren (Cons, Church End) said: “Over all it’s a very positive Autumn Statement.
“The chancellor has obviously taken to heart some of the challenges facing this country and has decided to put money where it will benefit the entire country.”
In April, the national living wage is set to rise from £7.20 an hour to £7.50 for those aged 25 and over and the income tax threshold from £11,000 to £11,500.
For those under 25, it will rise by just 5pence in some cases.
By 2020-21, it will reach £12,500 and the higher rate to £50,000.
Redbridge Chamber of Commerce chairman, Geoff Hill said: “I wouldn’t call it a bold budget and I cannot see how it’s going to make a significant and positive affect on what happens locally.
“If people get more in their pocket but have to spend more it doesn’t increase growth.”
Renters can look forward to saving some cash in their hunt for a home as letting agents will be banned from charging fees.
Redbridge Conservative leader, Cllr Paul Canal added: “The chancellor delivered the government’s Autumn Statement which shows our commitment to support ordinary working families.
“We have invested in our economy whilst taking the tough decisions to maintain control of spending.”
Cash spent on public services will be 40 per cent of the country’s economy, down from 45pc in 2010.
Cabinet member for finance and support services, Kam Rai said: “Local authorities such as Redbridge are doing their best to juggle ever dwindling budgets, while the government fails to invest in the vital and life changing work of councils.”
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