Following last week’s Budget I know that many people in Chichester will be pleased to hear that progress is being made on rebuilding our economy and securing our country’s finances for the future.

The last few years have not been easy for the British economy. We have faced the legacy of Covid, a war in Ukraine and a crisis in the Middle East. I know these challenges have made life tough for many people both in Chichester and across the country.

Back in 2023 the Prime Minister set some ambitious goals to halve inflation, grow the economy and reduce our debt. We have made good progress on these, with inflation down from 11.1 per cent to 4.0 per cent, wages rising, mortgage rates starting to come down, and our economy continuing to recover from the pandemic faster than countries like Germany, France and Japan.

Hopefully people have already started to feel the benefits of our approach following January’s tax cut. This will now be followed by a further 2 per cent off National Insurance for working people from April, meaning that the average person will be £900 better off this year. Those who are self-employed will also be £650 better off this year thanks to cuts to Class 4 National insurance.

The Budget has pledged new support for hospitals such as St Richard’s as they continue to recover from the pandemic. There will be a new £3.4 billion productivity plan to help hospitals develop new ways of freeing up clinicians’ time to focus on patients and cut waiting times.

The cost of childcare was also addressed through changes to the High Income Child Benefit Charge. This raised the eligibility threshold and eased the rate at which Child Benefit is capped, benefiting some parents by an average of £1,260.

Finally, we cut Capital Gains Tax on residential property sales, encouraging those who want to sell second homes and buy to lets. This will help to make more houses available for families in desirable areas like Chichester where property is often hard to come by for those trying to get on the housing ladder.

There is obviously still more to do, but I continue to advocate for the people of Chichester at the heart of Government to ensure we are taking the long-term decisions to strengthen our economy and create the certainty, stability and progress that we all need.