York Lib Dems say Chancellor’s spring statement is a failed opportunity

According to the Lib Dems in York, who run the council in coalition with the Green Party, today’s spring statement didn’t do enough to help struggling residents.

Cllr Andrew Waller, the executive member for the economy, said:

This current cost of living crisis is turning into an emergency. The spring statement could have started to address the underlying pressures on family budgets, and small businesses, but the Chancellor has failed to grasp the opportunity. He has failed to move beyond tinkering around the edges at a time when so many families and businesses need real action.

“We welcome the fuel duty cut, employment allowance increase, household support fund extension and the increase of the national insurance tax thresholds. However, this will not go anywhere near to the support that is needed urgently. The stark figures buried in the small print of today’s Office for Budget Responsibility (OBR) report accompanying the Spring Statement show that in reality Rishi Sunak’s tax hikes will lead to a £44 billion bombshell by 2024, equivalent to almost £1,600 per UK household.
 
What was missing in today’s statement was real action on supporting struggling households, such as the reversal of the planned tax hikes, introduction of a windfall tax, an increase in universal credit and comprehensive targeted support schemes.