In the face of global inflation, interest rate rises and the ongoing energy crisis, today’s statement by the Chancellor delivered an important message of how the UK will address these challenges fairly, delivering the stability, growth and public services that we all need.
In particular, I am delighted by the prioritisations of investment in schools and skills, research and innovation and continued commitment to our climate change goals, while ensuring the most vulnerable in society are protected.
Since first elected, I have pledged to support our local schools and colleges and press for additional funding for pupils. I am therefore delighted that the Government has committed to an additional £2.3 billion funding for schools this year and next, and recommitted to delivering on our ambitious skills reform programme, working to ensure every child has the skills they need when they leave school.
The Government is also committed to ensuring the UK remains a science superpower. I have pressed for this to be a priority, supporting innovation and growth through investment in research and development, and for Runnymede and Weybridge to be central to this national agenda. As a result of today’s announcement public spending on R&D will increase to £20 billion a year by 2024-25. I am delighted that this commitment will mean greater job opportunities, continued support for businesses now, and greater growth and prosperity in future.
And despite the financial challenges, the Chancellor also guaranteed the UK’s continuing commitment to our climate change goals of cutting C02 emissions by 68% by 2030 and continuing to invest in green, low cost and secure energy provision.
Produced alongside clear OBR analysis, the Statement has delivered a clear plan for sound financial management, balancing tax rises with spending commitments, while ensuring support for those most vulnerable, through increases in benefits, the Living Wage, maintaining the pensions triple lock, the energy support scheme and support for businesses. Further details of the Statement are available here: https://www.gov.uk/government/publications/autumn-statement-2022-documents.
