MP Column: A Budget that puts families and businesses first

Budgets are about choices: whose priorities come first, who gets support when times are difficult, and what kind of country we want to build for the next generation. The recent Budget is about making the right choices for working people, families and businesses, both nationally and here in Bedford and Kempston.

We cannot ignore the challenging international backdrop. A decade of economic shocks, conflict in the Middle East and Europe has created uncertainty and pushed up energy costs, putting further pressure on household finances and businesses. These are circumstances no government can control entirely, but we can control how we respond. This Labour Government is choosing to act, offering practical help today while investing in a stronger economy for tomorrow.

Importantly, this is also a safe and responsible Budget. At a time of international instability and economic uncertainty, the country needs financial stability, not reckless promises or unfunded tax cuts. The Government has made sure that its commitments are underpinned by fiscal discipline, with borrowing being reduced, its fiscal rules being met and a financial buffer maintained against future shocks. Responsible management of the economy is what gives families, businesses and investors the confidence to plan.

One of the most important announcements for local families is the £100 Household Energy Payment. In Bedford and Kempston, 41,580 households in council tax Bands A to D will receive this payment directly into their bank accounts in January. At a time when every pound matters, this will provide welcome breathing space.

We are also extending the temporary zero per cent VAT rate on electricity until June 2027, reducing the April price cap by around £50. The Government is also taking action to abolish gas standing charges, which currently cost households around £108 a year.

For people who rely on their cars to get to work, take children to school or care will welcome the extension of the 5p fuel duty cut and the freeze in rates until July 2027. Increasing the National Living Wage and National Minimum Wage by 3.9% will benefit 2.3 million workers across the country.

Our high streets also getting more support. Bedford's independent shops, pubs, restaurants, and hospitality businesses are vital to our local economy and community life. The Budget's £1 billion business rates package will freeze, reduce or remove business rates for retail, hospitality and leisure properties. Around 424 properties in Bedford and Kempston stand to benefit. More than half of these businesses nationally will pay no business rates at all. This is meaningful support for the businesses that keep our town centres alive.

The £800 million investment in the Oxford-Cambridge growth corridor and £322 million for the East of England through the National Wealth Fund offer opportunities to attract investment, create jobs and strengthen our regional economy. Investment in social and affordable housing is equally important. Everyone deserves a safe, secure and affordable place to call home, particularly young people and families struggling to get on the housing ladder.

I also welcome the Government's commitment to strengthening our national security, fully funding the £15 billion Defence Investment Plan and setting a path towards defence spending of 3% of GDP by 2030. In an increasingly uncertain world, our responsibilities to NATO and our allies must be taken seriously.

No Budget can solve every problem overnight. People are still feeling the effects of years of economic instability, and much more needs to be done. But the Chancellors announcements demonstrate that this Government understands the pressures facing ordinary households and local businesses ahead of the findings of the Milburn review into the growing number of young people who are not in education, employment or training and The Timms Review of Personal Independence Payment which is examining how we can reform support for disabled people and those with long-term health conditions, ensuring the system is fair, compassionate and fit for the future.