Fixing the Foundations

A Budget to rebuild Britain and renew Buckingham and Bletchley

Our first female Chancellor of the Exchequer delivering the first Labour Budget in 14 years felt like a momentous occasion, and I am proud of the measures that she has put in place to fix the foundations whilst rebuilding Britain, all while ensuring working people don’t face higher taxes in their payslips.

Improving public services and supporting working people

We all know that our public services are performing at a historic low, and I’ve heard from constituents time and time again that they have not been able to get the support they need. So, if the Chancellor had not intervened, outcomes would have continued to worsen. Instead, we are growing day-to-day spending on essential services in real terms.

We are also maintaining the triple lock, with pensions rising over 4% in 2025/6, we’re supporting small, high-street businesses to boost rejuvenation, and making it easier for first-time buyers to get on the housing ladder.

Spending wisely

We want to make sure that every single pound is spent well – that’s why we’re setting up the Office of Value for Money. Our Labour Government is also making sure that everyone who lives in the UK pays their taxes here.

East West Rail

Looking locally, I was very pleased to see a commitment to East West Rail specifically mentioned by the Chancellor. This train line will connect Oxford, Milton Keynes and Cambridge, unlocking land for housing and laboratories for life sciences research - boosting our regional economy. The first EWR service will begin operations next year, running between Oxford, Bletchley and Milton Keynes, and we will be launching a consultation from Nov. 2024 to examine the rollout of the next stage which will extend the line to Bedford.

Farming and agricultural relief

Farmers are the bedrock of Buckinghamshire, and I want to reassure the farming community that I personally recognise their importance locally. I am currently taking part in the National Farmers Union’s Farming Fellowship scheme to find out more about how the sector works from land to fork. And have had the pleasure of visiting several local family farms since being elected in July. With this all in mind, I’d like to remind my constituents that three-quarters of farmers will be completely exempt from inheritance tax. Those above the threshold will pay a lower 20% rate on farmland and have ten years to pay HMRC.

Our Government has implemented these rule changes (which will come into effect in April 2026) so that small family farms are completely unaffected by agricultural relief alterations but more money is raised to boost the public services that rural communities rely on. In addition, we are adding £5bn to the agricultural budget over the next two years. I have already spoken with local farmers about the changes to reassure them that we support farmers and recognise their unique place in both our culture and economy.

Schools and education

Another issue which I hear about on a weekly basis from families is how over-stretched our SEND system is. The Chancellor’s Budget announcements represent a giant leap forward for provision, and I have written to every school in the constituency to outline what the below announcements mean practically:

We are increasing funding for the core schools budget by £2.3bn, with £1bn of this going toward SEND provision. This will support the recruitment of 6500 new teachers.

-          The £1bn investment in SEND is just the first step in reforming provision – we are expecting to announce further reform in late Spring 2025.

-          We will introduce 20% VAT on private schools and remove their charitable status business rates relief from Jan 2025. This is expected to raise £1.8bn p.a. by 2029/30.

-          Private schools which are wholly or mainly concerned with providing full time education to pupils with an Education Health and Care Plan will remain eligible for business rates charitable relief and local authorities will be compensated for the VAT they are charged on private schools for children with SEND.

-          We are allocating an additional £1.8bn to continue expansion of government funded childcare and providing £30m for the rollout of free breakfast clubs in primary schools.

-          We are also investing £300m in further education to ensure young people are developing the skills they need to find employment.  

Local government

We know that local councils are overstretched, and budgets were particularly difficult to balance under austerity. Therefore:

-          We are increasing local government core spending with £1.3bn of new grant funding including at least £600m in a pot for social care.

-          We are also continuing the UK Shared Prosperity Fund, which is providing £900m to allow local authorities to invest in local growth.

-          Much like with education, more announcements will be made in the Spring Spending review, with a local government settlement being high on our list of priorities.

NHS

Last but not least, here are some headlines on the support that we are providing for the NHS:

-          We are providing an additional £25bn in core spending in 2025/6, to assist NHS England in delivering an additional 40,000 elective appointments a week. This is the biggest increase in NHS spending since 2010 outside of the pandemic.

-          We are also investing £1.5bn to fund new surgical hubs which will build capacity for over 30,000 additional procedures.

-          We’re investing £70m in new radiotherapy machines to improve cancer treatment, and £26m to open new mental health crisis centres.

I know how much the NHS and our public services mean to residents in Buckingham and Bletchley, and by fixing the foundations we can ensure that investment delivers the national renewal we promised.