In a significant visit to the Somerset village of Cannington, shadow chancellor Mel Stride MP engaged with local businesses and residents, addressing pressing economic concerns and unveiling key Conservative policies focused on growth and financial relief.
Hosted by Bridgwater MP Sir Ashley Fox, the event provided a valuable forum for constituents to discuss challenges such as rising costs, workforce pressures, and the impact of local infrastructure projects. Responding to these issues, Mr Stride highlighted a series of ambitious proposals centered on stimulating economic recovery and supporting hardworking families and businesses.
A cornerstone of the announcement was the introduction of the “Golden Economic Rule,” which mandates that at least 50% of government savings be dedicated to reducing the national deficit, with the remainder allocated for either tax cuts or economic investment. This approach aims to balance fiscal responsibility with growth incentives.
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Additionally, Mr Stride revealed plans to eliminate business rates for retail, hospitality, and leisure sectors, benefiting up to 250,000 small businesses nationwide. The Conservatives also intend to abolish Stamp Duty on main home purchases, easing entry into homeownership, particularly for first-time buyers.
To further support young workers, the “First Job Bonus” scheme will enable those starting employment to reclaim their first £5,000 in National Insurance contributions. These funds will be deposited into a savings account designed to help with a first home deposit or future financial goals.
The party also pledged to deliver £23 billion in savings by reforming welfare benefits for non-pensioners, tightening eligibility to ensure support is targeted effectively.
Sir Ashley Fox remarked, “Welcoming Mel Stride to Cannington was a great opportunity for constituents and local businesses to engage directly with senior Conservative leadership. Our discussion highlighted how national policies can tangibly improve lives—whether by helping young people save for homes, reducing costs for local traders, or rebuilding confidence in the economy.”