The Budget today (26 November 2025) will cut living costs for working people, create a fairer tax system, and build long-term economic prosperity. Train fares and prescription costs will be frozen and energy bills will be cut by £150 on average.

This is a fair, strong and secure Labour budget that will cut costs for working people in Chesterfield and will help renew public services, says Toby Perkins, MP for Chesterfield.

This Government is building a stronger and more secure economy and it seems the financial experts agree. Economic growth this year was upgraded to 1.5% from 1% and wages are up more in the first year of this Government than in the first decade under the Conservatives. The initial response from the markets was positive, with borrowing costs falling as the Chancellor finished her remarks.

Recognising that there is still much more to do to renew our communities and public services, this Labour Government is cutting everyday costs for people, bringing down inflation, and investing back in public services to improve living standards.

Households will save £150 on average on their energy bills from April 2026, by removing some levies from energy bills. In the short-term, 6 million households will receive an additional £150 off their energy bills from the expansion of the Warm Home Discount. Train fares and prescription costs have been frozen and the fuel duty freeze has been extended. And the free school meals programme has been expanded so that all pupils in England with a parent receiving Universal Credit are eligible for a free school meal. By cutting the cost of living, the Budget will bring down inflation by 0.4 points.

Labour will reduce child poverty across the country, announcing today that they will scrap the two-child limit in Universal Credit or Tax credits, which the Tories introduced. This will lift 450,000 children across Britain out of relative poverty, including an estimated 2,110 children in Chesterfield. This is a fully-funded policy which will help deliver the largest fall in child poverty on record.

This Government continues to invest in the NHS, providing another 5.2 million appointments to cut waiting lists, and delivering 250 new Neighbourhood Health Centres, so that people can access healthcare in their communities.

Labour is supporting small businesses and local communities, with a new permanently lower tax rates for 750,000 retail and hospitality properties. Around 1,400 business properties in Chesterfield will benefit from these new rates. Entrepreneurs and fast-growing companies will be incentivised to hire and list in the UK through tax breaks. And SMEs will be able to offer more apprenticeships to young people, with new full Government funding.

This Government is determined to build both a stronger economy and a fairer one. To support public investment and reducing borrowing costs, the Budget is asking everyone to contribute, freezing tax thresholds towards the end of this Parliament, but keeping that contribution as low as possible by delivering fair reforms that previous Chancellors have ducked. Property tax will be reformed so that a £10 million Westminster mansion doesn’t pay less than a terraced house in the East Midlands. Those living abroad will not be able to buy a UK state pension on the cheap anymore. Motability will be reformed, removing luxury cars, to save the taxpayer over £1 billion over 5 years.

This Budget delivers on Labour’s mission to renew our economy and our communities. With fair and necessary choices, the Government will cut living costs, reduce child poverty, and reinvest in public services in every corner of Britain.

Toby Perkins, MP for Chesterfield, said: “Cutting energy bills and freezing rail fares and prescription charges will put money back in people’s pockets. At the same time, the Labour Government is reducing child poverty, reinvesting in the NHS, and supporting high streets and small businesses.

I am proud to support this Labour Government’s strong and fair Budget which will cut living costs and renew public services, whilst also bringing down inflation and building a strong economy for Britain.”