Local MP Craig Williams has expressed his satisfaction with the Chancellor of the Exchequer's Budget Statement, which he believes will benefit the residents and businesses of Montgomeryshire, including those in Newtown.

The Budget has highlighted the progress made in strengthening the UK economy, with debt expected to fall over the next five years, inflation significantly reduced since the beginning of the year, and the economy showing growth despite previous predictions.

As a result, the Chancellor has decided to proceed with planned tax cuts aimed at rewarding work and further boosting the economy. Key announcements in the Budget include tax cuts for over 27 million working people, reductions in National Insurance Contributions for self-employed workers, support for families through changes to Child Benefit, a freeze in fuel duty, and reforms to support the NHS and small businesses.

In particular, the allocation of £5 million for an 'Agri-food Launchpad' in Mid and North Wales has been welcomed by Williams, as it will support business-led projects in the agriculture sector, benefiting Montgomeryshire and Mid Wales.

Welcoming the Chancellor’s Budget Statement, Craig Williams MP said:

“Today’s Budget Statement is very welcome news for Montgomeryshire residents and businesses, allowing us to focus on the recovery and growth of the economy, whilst also rewarding hard-working families.

“I am also very pleased that Mid Wales will be home to a new Agri-food Launchpad, with £5 million being made available to support businesses and research & development focussing on food and agriculture – reaffirming our position at the heart of British food and farming.

“The last few years have not been easy for the UK economy. We have faced the legacy of Covid, and war in Ukraine and the Middle East. These challenges have made life tough for us all.

“Since the beginning of 2023, the UK Government has been working on three main economic priorities; to halve inflation, grow the economy and reduce debt. We are making good progress. Inflation has fallen from 11.1% to 4%; the economy has performed better than forecast; wages are rising; mortgage rates are starting to come down; the economy has outperformed European neighbours; and debt is on track to fall as a share of the economy.

“The Chancellor’s Budget reinforces that this economic plan is working, allowing us to focus on further strengthening our economy, reducing debt, cutting taxes and rewarding hard work.”