High Peak MP Robert Largan gives his assessment of Chancellor Kwasi Kwarteng's so-called 'Mini Budget' statement in the House of Commons.

A week is a long time in politics. The last couple of weeks have certainly been eventful.

The Government has brought in a new Energy Price Guarantee, limiting the unit price suppliers can charge consumers for the next two years, starting today. That’s both the daily charge and the unit rate.

In real terms, this means that household bills will be kept down to around £2,500 per year on average. 

This would save those living in an average semi-detached house around £1,150 per year. 

This is on top of the existing £400 Energy Bill Support Scheme for everyone, and the £1,200 of support for the most vulnerable households.

However, there is no maximum for your total gas and electricity bills. 

If you left all your lights on all day and had your heating on full blast non-stop for the next two years, you will end up with a very big bill!

Given the global supply-side shock in the energy market largely driven by Russia’s invasion of Ukraine, it’s important that we’re all careful about how we use energy. 

Some other countries are being forced to consider energy rationing, with very serious economic consequences, putting jobs at risk.

The Chancellor also announced his Plan for Growth. 

There are a number of measures that I welcome. 

In particular, the announcement that the basic rate of income tax will be cut from 20 per cent to 19 per cent from next April.

Some 31 million taxpayers will benefit from this tax cut, with someone on an average salary saving £170 per year.

This comes on top of the significant increase to the National Living Wage and the triple-lock which will ensure a substantial increase in pensions this year.

I’m also glad the Government adopted my proposal for an insulation energy efficiency scheme for low-income households.

However, I have serious reservations about a number of other announcements made by the Chancellor. 

I was the first Conservative MP to publicly oppose cutting the 45p Top Tax Rate when the Government’s fiscal room for manoeuvre is so limited. 

I am relieved that the Government has listened and u-turned.

This is a deeply worrying time for lots of people. 

I believe this situation requires elected officials to be honest about the choices we face and the Government needs to take a pragmatic, fiscally responsible approach, while protecting the most vulnerable in society.

Whatever happens, I will continue to take an independent-minded approach and stand up for the High Peak.

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