Through responsible financial management, interest rates have been cut three times since last year’s general election, easing pressure on mortgages and backing Cambridge’s many small businesses and startups. The Spring Statement confirms Labour’s commitment to fairness, with no new tax increases while cracking down on tax evasion to generate an additional £1 billion in revenue.
Investment in public services remains a priority for the government, with the announcement of a new £3.25 billion Transformation Fund aimed at improving efficiency and quality. Labour’s ambitious planning reforms will unlock £15.1 billion in economic growth over the next decade, ensuring that cities like Cambridge can continue to lead in innovation while addressing urgent needs such as affordable housing.
Labour is committed to supporting working people, ensuring fairness and economic security. From next week, 3 million workers will benefit from a National Living Wage increase - welcome news for many in Cambridge struggling with the cost of living. In addition, a £1.4 billion investment will help support people back into work, strengthen the economy and create new opportunities. At the same time, welfare reforms will deliver £4.8 billion in savings while maintaining essential protections for the most vulnerable.
At a time of global uncertainty, Labour is delivering the largest investment in defence in a generation. An additional £2.2 billion in funding next year will strengthen the UK’s security and resilience. The government is also launching a £400 million Defence Innovation Fund to drive cutting-edge technology, ensuring Britain remains at the forefront of global defence advancements.
“Cambridge thrives on stability, investment and opportunity - and today’s Spring Statement delivers on all three,” said Daniel Zeichner MP. “Labour was elected to bring change and security to working people, and this statement shows we are delivering. With falling interest rates and responsible public finances, we are providing the stability businesses and families in Cambridge need to plan for the future.”
Mr Zeichner added: “The Conservatives left a mess, with Liz Truss’s disastrous mini-budget driving up borrowing costs and hitting working people hard. Labour is putting that right, ensuring sound finances while making the right investments to rebuild our economy, support innovation and strengthen our public services in Cambridge and beyond.”
