Restoring economic stability, tackling inflation, keeping the triple lock

Today in the Autumn Statement the Chancellor set out tough but fair decisions to restore economic stability and tackle inflation. Inflation makes everyone poorer, that is why our number one priority is to grip inflation.

  • There are no headline tax increases. There is more money for schools and the NHS, and a plan to boost economic growth. To achieve long-term, sustainable growth we need to grip inflation, balance the books and get debt falling as a share of GDP.
  • Like many countries around the world, the UK is facing profound economic challenges – Putin’s illegal invasion of Ukraine and the Covid pandemic have cost our country billions. We spent over £400 billion supporting 14.5 million jobs during the pandemic. It is right that we start to pay that back now rather than leave future generations to pay the price.
  • The Conservatives are standing by the most vulnerable. We are uprating benefits in line with inflation and keeping the pensions triple lock.



Key announcements:

  • Our plan is fair and involves a roughly equal split between tax rises and spending cuts, with the greatest burden falling on those who can afford it most. We are restoring stability and tackling inflation by:
  • Protecting and maintaining public spending for the next two years at the levels set out in 2021 and then increasing spending by one per cent in real terms a year until 2027–28.
  • Increasing taxpayer funding for our NHS and schools by an extra £11 billion over the next two years.
  • Supporting every household with higher energy bills by extending the Energy Price Guarantee until April 2024, while providing over £12 billion in additional support to help the most vulnerable households.
  • Uprating benefits in line with inflation and protecting the pensions Triple Lock, delivering on our manifesto commitment and supporting the most vulnerable.
  • Boosting growth with over £600 billion in capital investment over the next 5 years, protecting the Levelling Up Fund, protecting R&D spending, using our Brexit freedoms to reform the financial services sector, and providing a £14 billion business rates cuts package.

  • The OBR expects this package to reduce peak inflation and unemployment. They note that GDP will be one per cent higher due to these measures. The Bank of England expects this package to help tackle inflation and keep interest rates lower for borrowers and mortgage holders.
  • Today’s Autumn Statement shows we do not have to choose between a strong economy or good public services – with a Conservative Government you get both.

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