THIRSK & Malton MP Kevin Hollinrake has praised this week's budget in the face of stinging criticism from other quarters.

The budget - which was notable for including downgraded growth forecasts and for being delivered in a period of falling real-term wages and low productivity - contained measures such as the removal of stamp duty for first-time home buyers, £3 billion for Brexit, a freeze on fuel duty, and a new railcard for 26-30 year olds.

"Looking after the money on behalf of a minority government with Brexit negotiations at such a critical stage is not easy and this budget struck just the right balance in my view," Mr Hollinrake said in a lengthy response to the budget.

"Despite minimal fiscal and political headroom, the Chancellor delivered a budget which offered a little for everyone."

On the abolition of stamp duty for first-time buyers (for properties under £300,000), Mr Hollinrake said: "Many young people feel they have been ignored in recent years so it is great news that Mr Hammond announced that he would abolish stamp duty for over 80 per cent of first time buyers with immediate effect."

However, soon after the announcement, a report by the independent Office for Budget Responsibility (OBR) concluded that the measure would be of very little help to buyers, possibly inflating house prices and benefiting people who are selling property.

And David Yellen, chair of the Thirsk & Malton Labour party, said: "Scrapping stamp duty for first time buyers simply does not address the acute shortage of homes young families can afford, especially in this constituency where property prices are high and wages low."

The budget also sought to address issues with the new universal credit benefits system which came to Ryedale in summer 2016, and which has been blamed for a recent rise in the useage of the Ryedale foodbank.

Mr Hollinrake said: "I was pleased that the Government has listened to the feedback about universal credit and is removing the 7 day waiting period, so that claimants only have to wait five weeks for their first claim.

"It will also increase the amount of advances available, so that – if needed – a household can receive a full month’s claim within 5 days."

Mr Hollinrake also praised spending in the areas of the NHS and investment in tech - but said that to attract more investment, Yorkshire must "'live in the land of the possible' and move forward with devolution and elect a mayor at the earliest opportunity."

"There was a clear feeling that the Chancellor would like to have done much more," he added, "particularly to look at ways of boosting productivity, such as reforming business rates and looking at the VAT registration threshold, but he played safe."

But Mr Yellen of Thirsk & Malton Labour said: "This Tory budget is an admission of failure.

"It recognises that its universal credit implementation is causing additional hardship, that the NHS is underfunded, that young people cannot afford their own home, that disastrously low productivity is due in part to failures of education and training – and then does nothing effective to address any of these problems, either short-term or long-term.

"Meanwhile the cuts in education funding, the undermining of county schools through academisation, the freeze of benefits and the freeze of public sector pay go on; and the North continues to be starved of infrastructure investment.

"This budget shows that this Government has nothing to offer except more austerity and falling incomes.

"Now they have made this clear they should stand down and give the electorate the chance to vote for a Labour programme of investment and growth."