November 17, 2022

Our Plan for a Stronger Economy

Only the Conservatives have a plan to tackle inflation head on and help every family with the cost of living. We have made the difficult decisions that the independent Office for Budget Responsibility recognises will keep inflation lower, unemployment lower, and reduce the deficit.

Our Plan delivers key measures to help every part of the United Kingdom and tackle the economic challenges we face.

Public services support

Extra NHS Funding.

Our plan will tackle Covid backlogs, ambulance waiting times and improve access to GP appointments. We are backing that plan with £6.6 billion in extra funding for the NHS over the next two years.

More Schools Funding.

We will improve education quality across the country and help children get the best start in life with more than £4 billion in additional funding over the next two years.

Levelling Up Funding.

It is our Conservative mission to spread prosperity to every corner of the United Kingdom. We will soon announce the successful projects that will access £1.7 billion in levelling up funding – bringing our total Levelling Up Fund commitment to £3.4 billion.

More support across all of the UK.

Our Plan helps families across the United Kingdom, and we will deliver extra funding to Scotland, Wales and Northern Ireland – £1.5 billion, £1.2 billion and £650 million respectively.

Increasing NHS funding
Increasing schools funding
Additional funding for Scotland
Additional funding for Wales

Cost of living support

Energy Price Guarantee extended.

Our Energy Price Guarantee will keep energy bills down for every single household until 2024 – saving £900 this winter with £500 saved additionally on average next year. Without our action, Ofgem forecast that bills would rise above £4,000 per year.

Triple Lock protected.

The Triple Lock was introduced by Conservatives and we will protect it. We will provide pensioners with the security and dignity they deserve whilst helping them with the cost of living. Pensions will continue to rise in line with wages or inflation – whichever is higher.

Living Wage increased.

We will help 10 million workers by introducing the largest ever increase in the National Living Wage. It will benefit workers by increasing pay checks by £1,600 a year on average. Another policy introduced by Conservatives.

Direct household support.

Next year, we will provide direct payments to those in need and low-income households. £900 will be provided to millions of low-income households, £300 to pensioners and £150 for disabled people. This is on top of our £650 payments paid in 2022.

Keeping energy bills down
Protecting the pensions triple-lock
The largest ever increase to the National Living Wage
Cutting rates for small businesses

Watch the Chancellor’s speech in full here: