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Response to the Autumn 2024 Budget

The Budget 2024

I am proud to support this Labour Government’s Autumn 2024 Budget, the first Labour Budget for over 14 years, which delivers on our promises of change for working people. It will fix the foundations of our economy, secure investment for the future and begin the process of rebuilding Britain.  

Delivered by the UK’s first female chancellor Rachel Reeves, the Budget prioritised fixing Britain’s key public services, such as the NHS and our education system, and begun the process of stabilising the broken economy left to us by the previous Conservative government. We also ensured that working people would not face higher taxes in their payslips, delivering on our manifesto promises not to increase VAT, national insurance or income tax on working people.  

The chancellor highlighted that this budget would turn the page on the last 14 years of economic decline, taking the tough decisions on spending and welfare by tackling fraud, tax avoidance and waste, and making sure that taxpayer’s money is spent efficiently and sets Britain up for future economic growth.  

You can read the key announcements included in the Autumn 2024 Budget below: 

  • Increasing the National Living Wage by nearly 7% – worth up to £1,400 for a full-time worker. 
  • Injecting an extra £25.6 billion for the NHS over two years to cut waiting lists. 
  • £2bn extra in NHS technology to improve Britain’s health services.  
  • No increase in Income tax, National Insurance or VAT for working people. 
  • Preserving the State Pension Triple Lock, with over 12 million pensioners gaining up to £475 next year. 
  • A 2.7% real terms increase to the Ministry of Defence’s budget to improve national security.  
  • Support for the recruitment of 6,500 teachers by increasing the Core Schools Budget by £2.3 billion next year.  
  • Abolishing the non-dom status.  
  • Maintaining the fuel duty freeze.  
  • £30 million to provide free breakfast clubs. 
  • £500 million investment to build 5,000 new social homes. 
  • Former mineworkers will receive £1.5 billion that was kept from their pension. 
  • The biggest increase to Carer’s Allowance eligibility since its introduction.  
  • £1 billion to help those facing financial hardship via the Household Support Fund.  
  • 40% relief on business rates, hospitality and leisure sectors. 
  • £500 million to fix local roads and fill a million potholes.  
  • Increase in the employment allowance to support small businesses.  
  • Cracking down on fraud, tax avoidance and waste.

Stay updated on social media

For regular updates on my activities, follow me on Twitter (@abenaopp), Facebook (Abena Oppong-Asare MP, Erith and Thamesmead), and Instagram (abena.oppongasare.mp).

You can also sign up to my digital newsletter at www.abenaoppongasare.com/get_in_touch

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ITV’s Late Debate

It was a pleasure to be on the panel of The Late Debate with ITV News last week and discuss a number of important issues including the safety of public officials, tax incentives for London tourists and the upcoming Mayoral election. 

In particular, I raised my concerns about the current climate of abuse against people in public life, with people of colour and women often being more at risk. In my role as Chair of Labour Women’s Network (LWN), I have worked hard to train women to build resilience towards the abuse they are subjected to.  

People in public life should not be scared or intimidated while carrying out their responsibilities and I hope to see more progress in changing the current climate. 

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New Kitchen at the Javan Coker Foundation

I was also very pleased to join the Javan Coker Foundation (JCF) this month as they celebrated the installation of their newly refurbished kitchen at the JCF centre.

Alongside the Council Leader, Cllr Anthony Okereke, it was lovely to join the team for the opening and hear about all the great work they have been doing to support children and families in need.

If you would like to find out more about the charity and what they are doing in our community, then you can find their website here: https://www.thejavancokerfoundation.org/.

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Solus Repair Centre Visit

I was very pleased to be able to visit Solus Repair Centre in Erith earlier this month.

I particularly enjoyed meeting young people from the apprenticeship programme and discovering all the opportunities available to develop technical skills and expertise in the sector.

You can see my social media post about the visit below or here.

Photos

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My Response to the Budget

The Chancellor announced his Budget this month. This is an important opportunity each year for the Government to set out a positive agenda for our economy and to fully unlock the potential across Britain. Unfortunately, I believe that this Budget didn’t go far enough.

In my role as Shadow Exchequer Secretary to the Treasury, I expressed my concerns about the lack of ambition in the Budget and I spoke about what Labour would do differently. Firstly, the Government still refuses to implement a proper windfall tax to make the oil and gas giants pay their fair share. This means they are leaving billions on the table that could be used to help families with the cost of living.

Furthermore, in this Budget the Chancellor announced a tax cut to the richest 1% and their pension pots. I believe this was wrong and Labour would reverse this handout.

You can see a clip of my interview on Channel 4 News discussing the budget and how Labour would do things differently here. 

Labour plans to deliver on Britain’s call for change with a new way of governing that will build a fairer, greener, more dynamic Britain with power closer to people. We will provide vital public investment through our Green Prosperity Plan, updating our planning system to remove barriers to investment in new industries and meet our net zero targets.

I believe the country needs stability and not the chaos we have recently seen from this Conservative Government. We have a serious plan for growth and want to see all our nations and regions benefit from and contribute to the jobs and growth of the future.

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Abena challenges the Government’s lack of long-term support for Businesses

On 9th January, as Shadow Exchequer Secretary to the Treasury, I spoke in the House of Commons in response to the Government’s latest statement on Non-domestic Energy Support for businesses.

I challenged the Government on this announcement, which proves their policy is just another example of sticking-plaster politics. Last year, businesses were promised clarity by this government, however, constant chaos in the Conservative party has meant firms, workers, and families had to go another Christmas worrying about their energy bills.

We all know that businesses need to plan ahead but these policies are forcing them to live day to day and not knowing what the next month will bring, let alone the next quarter. Unfortunately, as I stated to the Minister, this week’s announcement did not have to be this way and is just a sticking plaster for the wider energy challenges. There needs to be a long-term plan or this merry-go-round will only continue.

Speaking in the house, I set out Labour’s plans to “back British businesses and give them the certainty they need to plan and invest”. This includes scrapping business rates with a fair tax on the online giants, having a long-term industrial strategy alongside which our industries can invest, and, dealing with the energy crisis at its source.

You can read my speech here or watch the full speech here.

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Abena speaks out, another U-Turn on Alcohol Duty

I recently popped into the Standard, a pub in my Erith and Thamesmead constituency, which is really struggling with soaring energy bills and the lack of Government support. It needs the Government to be on its side.

Today the Government  announced they are freezing alcohol duty rates for six months.  I spoke out on behalf of British venues like the Standard who are concerned about this  sudden change after  the previous Chancellor announced a freeze, the current Chancellor scrapped it, and now it is back on.

This government isn’t providing the certainty that businesses and their hard-working employees need in order to plan for the tough winter ahead. Labour believes the alcohol duty system could be reformed to make the system  “simpler, more economically rational and less administratively burdensome on businesses and HMRC.”

You can watch my speech using the following link here, and you can read my speech here

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Abena closes the Financial Services and Markets Bill Debate

On 7th September, as Shadow Exchequer Secretary to the Treasury, I spoke in the House of Commons on the Financial Services and Markets Bill, making the closing arguments for the Opposition.

I broadly welcome this legislation. I am committed to helping the UK’s financial sector maintain its position as a competitive global financial centre. At the same time, this should not mean any compromise on financial stability or consumer protection post Brexit.

Speaking in the House, I argued that that everyone should have access to the financial services they need, whether that is saving schemes or insurance, and regardless of their income or circumstances. I made the point that all too often, the most vulnerable in our society are unable to afford or are denied access to financial products and services that meet their needs.

I made clear to the Government that if they are serious about building a strong future for our financial services outside the EU, they should recognise that the Bill is an opportunity to rethink how financial resilience, inclusion and wellbeing issues are tackled in the UK.

More widely, I am disappointed that the Bill does not do enough on financial exclusion. I believe we need to protect access to face-to-face banking services and address the extra costs that poorer people pay for essential services such as insurance or loans or credit cards.

As the Bill proceeds through Parliament, I will support efforts to push for bolder, more radical action in a number of areas including green finance, financial inclusion and economic crime. It is important that this legislation delivers not just for our financial services industry but for the wider economy as well.

You can read my speech here or watch the speech here.

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Abena speaks on the Windfall Tax Bill

The cost-of-living crisis remains the biggest issue facing the country right now. While the Tory leadership candidates trade insults and trash their own Government’s woeful record, I know that many families across Erith and Thamesmead are still struggling to make ends meet.

On the 11th July I closed the Second Reading debate of the Windfall Tax Bill on behalf of the Shadow Treasury Team.

In that debate, I spoke about the financial pressures that many people in Erith and Thamesmead and across the country are facing. Food, fuel and energy bills continue to rise, and I know many are already worrying about the winter that lies ahead.

So it was a relief that the Government finally followed Labour’s lead and u-turned on the windfall tax. However, since Labour first called for the windfall tax on oil and gas producers, energy bills for typical households have risen by a shocking £700, inflation has rocketed to its highest level in 40 years, and, of course, people’s taxes have gone up as the Government have pressed ahead with the national insurance increase. In that period, oil and gas producers’ profits have soared. Indeed, we estimate that between Labour first calling for the windfall tax in January and the former Chancellor and soon-to-be former Prime Minister finally accepting our arguments at the end of May, nearly £2 billion of tax revenue could have been raised to help people with the cost-of-living crisis.

In that time, Conservative MPs voted against our plans for a windfall tax not once, not twice, but three times. Ministers repeatedly claimed that such a plan would not work. Famously, the current Chancellor said that oil and gas producers were “already struggling”.

It is shameful that it took the Government so long to come to their senses and finally do the right thing. That is yet more evidence, if we needed it after the past couple of weeks, that this Tory Government is on its last legs: out of touch, out of ideas and now truly out of time. With the windfall tax and with so many other issues, it is Labour that leads and the Conservative party that follows.

You can watch my speech using the following link here, and you can read my speech here.

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Government must do more to support people to self-isolate

As part of my role in the Shadow Treasury Team, I have been pushing the Government to provide more support to people who need to self-isolate.

Labour has always said that health and economic measures must go hand-in-hand, but the Government’s failure has meant too many people have to choose between self-isolating and paying the bills.

At this weeks’ Treasury questions, I asked the Chancellor about reports that the Treasury had suppressed information about how the furlough scheme could be used to support self-isolating employees. This shocking revelation show’s how poor the Government’s approach to economic support during the pandemic has been.

I called on the Chancellor to appear before the joint parliamentary inquiry into the handling of the Covid crisis to explain why the Government has not listened to the experts and introduced a robust self-isolation support scheme.

 

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