OLDHAM West and Royton MP Jim McMahon said the budget will "hit working people hard" after Chancellor Rishi Sunak revealed the government's financial plans this afternoon.

In the House of Commons, Mr Sunak said the Universal Credit taper rate, the amount of Universal Credit withdrawn for every pound someone earns, will be cut from 63p to 55p.

A 50 per cent business rates discount for the retail, hospitality, and leisure sectors in England in 2022-23, up to a maximum of £110,000 will be implemented and the National Living Wage rise will by 6.6 per cent to £9.50 an hour next year.

The Chancellor said he was “radically” simplifying alcohol duty by introducing a system designed around the principle of “the stronger the drink, the higher the rate”.

Mr Sunak said he is ending the “irrational” 28 per cent duty premium on sparkling wines and duty on fruit ciders will be cut.

A raft of other spending pledges were made too.

But Mr McMahon said the budget will have an impact on some people in the town.

He said: “I’ll have to study the budget documents in detail to see exactly what it means for Oldham.

"But from the headlines it’s clear that this budget will hit working people hard as the tax burden for them rises, while taxes are cut for bankers flying around the county drinking champagne.

“All the while we had no announcements on the big infrastructure projects that the North has repeatedly been promised and deserves.

“The Chancellor made his priorities clear today, and they are out of touch with ordinary working people in Chadderton, Oldham and Royton.”

Mr Sunak says inflation was 3.1 per cent in September and "is likely to rise further".

He said “demand for goods has increased more quickly than supply chains can meet” as economies around the world reopen, while global demand for energy has also “surged”.

Mr Sunak said: “In the year to September, the global wholesale price of oil, coal and gas combined, has more than doubled. The pressures caused by supply chains and energy prices will take months to ease.

“It would be irresponsible for anyone to pretend that we can solve this overnight. I am in regular communication with finance ministers around the world and it’s clear these are shared global problems, neither unique to the UK, nor possible for us to address on our own.”