Autumn Statement will benefit Acorn CCUS project and North East Investment Zone says MP

David Duguid MP has welcomed the Chancellor’s Autumn Statement which he says will unlock unprecedented benefits for North East businesses and boost living standards across the region.

Jeremy Hunt’s statement outlined a number of positive measures for the North East, including a freeze on whisky tax, a financial pledge to ramp up new technologies for CCUS projects like Acorn at St Fergus, the extension of financial incentives for the North East Scotland Investment Zone and more levelling up projects across Scotland.

The Chancellor also announced a cut in National Insurance for thousands of workers, including the self-employed, a 9.8% increase to the minimum wage to £11.44 per hour, and confirmation of the pension triple lock with an increase of 8.5% to the state pension

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Mr Hunt also revealed a cut to business taxes which Mr Duguid says will directly benefit industries in his Banff and Buchan constituency, including oil and gas, fishing, farming and food and drink.

​David Duguid pictured with Rishi Sunak at St. Fergus earlier this year.​David Duguid pictured with Rishi Sunak at St. Fergus earlier this year.
​David Duguid pictured with Rishi Sunak at St. Fergus earlier this year.

He pledged a £2.5bn overhaul of benefits for people with long-term health conditions or disabilities, or those facing long-term unemployment.

The Banff and Buchan MP said: “The Chancellor’s personal support in his statement for unlocking new oil and gas developments is a huge vote of confidence for the industry in contrast to the SNP and Labour who want to close the sector down.

“The Chancellor also made ‘full expensing’ permanent, meaning for every million pounds a company invests, it gets £250,000 off its tax bill. This represents the largest boost for business investment in modern times. In addition, the Chancellor’s extension of financial incentives for investment zones is another milestone for North East Scotland which was selected earlier this year.

“The £960 million pledged for the new Green Industries Growth Accelerator will directly enhance projects such as Acorn at St Fergus which is extremely encouraging.

“The UK Government continues to support families with high energy bills and has cut borrowing and halved inflation. It’s clear our economy is on the right track and these measures will continue to boost livelihoods and jobs.”