‘Breathing space’ was the much-mentioned phrase that you may have heard from the Budget – the first under our new Prime Minister Andy Burnham.

With a long, cold winter ahead, the Government wanted to give families and businesses in Bolsover and beyond, some help in the face of rising bills and a tough economic climate.

I think it has done just that.

Chancellor John Healey set out immediate help with energy bills, fuel costs and business rates, alongside major investment in housing, growth and national security to build a stronger future for our community and our country.

placeholder image — Bolsover MP Natalie Fleet

In Bolsover, more than 46,000 households who live in a property with a council tax band from A to D will benefit from a £100 Household Energy Payment landing in their bank accounts.

Together with the extension of the 0 per cent VAT rate on electricity, which will now run until June 2027, fuel bills will be a little more manageable this winter.

Furthermore, councils will be able to provide additional support for households in greatest need with a £100 million boost, while Ofgem will work to abolish gas standing charges, saving an average of £45 a year for the majority of households.

I know that motorists will also be pleased that the 5p fuel duty cut is being extended until July 2027, especially in semi-rural areas like ours, where we depend on cars to get us from A to B.

Britain's Chancellor of the Exchequer, John Healey, holds up the traditional red ministerial box outside No 11 Downing Street before departing to the House of Commons to deliver the first budget under Prime Minister Andy Burnham's government on October 28, 2026 in London, England. (Photo by Dylan Martinez - WPA Pool/Getty Images)

I hope businesses will welcome the announcement of a £1 billion business rates package, which will take about 54 per cent of all retail, hospitality and leisure properties in the East Midlands out of paying business rates.

Meanwhile, around 170 businesses in Bolsover which are eligible for business rates, will see a freeze in their rates in 2027/28 and 2028/29.

The Budget has also begun the longer-term work of putting Britain on a stronger course.

More than £20 billion of additional capital for the National Wealth Fund and British Business Bank will help drive investment across our country.

£4.7 billion for Your First Home will support first time buyers, and Labour is putting in £700 million to strengthen Britain's AI sovereignty.

Local leaders such as our East Midlands Mayor Claire Ward, will be given greater power over their economic futures, backed by £285 million for Good Growth Funds, helping to drive good growth in every postcode.

The Budget also backs Britain's national security, with nearly £300 billion for defence over the next four years – a record increase since the Cold War – and full funding for the £15 billion Defence Investment Plan.

Lastly, there is some good news on the Mineworkers’ Pension Scheme: standstill will be abolished to protect bonus pensions, and the end of surplus sharing was announced, meaning every penny of surplus will now go to former miners.

Labour coalfield MPs continue to press government officials to make sure that the remaining Guarantors Fund is transferred to scheme members as soon as possible.

I will not rest until that final piece of the deal is done.