10 key announcements from Jeremy Hunt's autumn statement including major tax cuts
22.11.2023 - 14:37
/ manchestereveningnews.co.uk
Chancellor Jeremy Hunt delivered his autumn statement in the House of Commons on Wednesday (November 22) saying the country's economy is "back on track".
The statement was delivered in the backdrop of a slightly improved economy where inflation dropped in October due to drops in wholesale energy prices. Today's announcements are also expected to have a major effect on the government's economic performance in the run-up to the next general election in the foreseeable future, with many of the policies themselves lasting beyond that.
Jeremy Hunt similarly spoke of an upturn in the British economy and the recovery from the pandemic and the effects of high energy costs stemming from the Ukraine war.
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He told MPs: “After a global pandemic and energy crisis we have taken difficult decisions to put our economy back on track. We have supported families with rising bills, cut borrowing and halved inflation.
“Rather than a recession, the economy has grown. Rather than falling as predicted, real incomes have risen. Our plan for the British economy is working. But the work is not done.”
Here's a breakdown of all the key announcements from the Autumn statement today...
Mr Hunt offered a national insurance cut for 28 million workers from 12 per cent to 10 per cent. Overall, workers will see a two percentage point cut in national insurance contributions which is expected to cost the Treasury around £5 billion.
For the individual worker, however, it will result in roughly £280 a year on earnings of more than £50,000.