{"id":196178,"date":"2023-11-22T23:19:14","date_gmt":"2023-11-22T23:19:14","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=196178"},"modified":"2023-11-22T23:19:14","modified_gmt":"2023-11-22T23:19:14","slug":"jeremy-hunts-autumn-statement-well-reduce-debt-cut-tax-and-reward-hard-work","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/politics\/jeremy-hunts-autumn-statement-well-reduce-debt-cut-tax-and-reward-hard-work\/","title":{"rendered":"Jeremy Hunts Autumn statement: \u2018We\u2019ll reduce debt, cut tax and reward hard work\u2019"},"content":{"rendered":"

<\/p>\n

In a much-needed pre-Christmas giveaway, the Chancellor slashed National Insurance and \u00adbusiness taxes while increasing benefits and the minimum wage to help struggling families.<\/p>\n

Mr Hunt used his crunch Autumn Statement to give 27 million workers a major helping hand by cutting NI from 12% to 10%, starting in January.<\/p>\n

It will save a worker on a salary of \u00a335,000 more than \u00a3450 a year, \u00a3520 for the average nurse and \u00a3630 for the typical police officer.<\/p>\n

NI is also being slashed for the self-employed with Class 2 contributions abolished and Class 4 reduced \u2013 together helping two million workers to \u00a3350 each.<\/p>\n

Duties on beer, wine and spirits, and pubs and bars are being \u00adfrozen with boozers having their 75% business rates holiday extended.<\/p>\n

Mr Hunt said the decision to axe VAT-free shopping for tourists \u00advisiting the UK could be reviewed.<\/p>\n

The Local Housing Allowance was also unfrozen, giving 1.6 million households an average of \u00a3800 extra support with rent next year.<\/p>\n

The changes announced in the Autumn Statement, which reduce the tax burden by 0.7 per cent, were made possible by \u00adbigger-than-anticipated tax revenues and easing inflation.<\/p>\n

Delivering his statement to a packed Commons chamber Mr Hunt vowed to \u201creduce debt, cut taxes and reward work\u201d, measures he said would get Britain
\u201cback on track\u201d.<\/p>\n

He added: \u201cWe have delivered the largest ever cut to employee and self-employed National Insurance and the biggest package of tax cuts to be implemented since the 1980s.<\/p>\n

\u201cIf we want people to get up early in the morning, if we want people to work nights, if we want an economy where people go the extra mile and work hard then we need to recognise that their hard work benefits all of us.\u201d<\/p>\n

The tax cuts follow long-standing pressure from the Tory backbenches to reduce the burden on both the public and business, which has been at a 70-year high.<\/p>\n

But it also comes as a general election looms, with the Conservatives still lagging far behind Labour in the polls.<\/p>\n

Mr Hunt insisted the Govern\u00adment\u2019s economic plan is working, with a recession avoided and GDP continuing to grow.<\/p>\n

The Office for Budget Responsibility has upgraded its growth forecast for this year to 0.6%.<\/p>\n

In 2024, growth is \u00adforecast to be 0.7% and expected to rise to 1.4% the following year.<\/p>\n

Sarah Coles, of Har\u00adgreaves Lansdown, said: \u201cThe National Insurance cut will bring real relief.\u201d<\/p>\n

She said it will take \u00a3149 off the tax bill of someone earning \u00a320,000, \u00a3349 for someone \u00admaking \u00a330,000, \u00a3549 for \u00adsomeone on \u00a340,000, \u00a3749 for someone raking in \u00a350,000 and \u00a3754 for anyone earning over the higher rate \u00adtax threshold.<\/p>\n

But the welcome cuts came as the Chancellor froze thresholds for income tax, meaning that as \u00adpeople\u2019s earnings have increased they have either been brought into tax for the first time or moved into higher bands.<\/p>\n

The continuing freeze in income tax and national insurance \u00adthresholds, rather than uprating them to account for rising inflation, will result in almost \u00a345billion of extra revenue for the Exchequer by 2028-29.<\/p>\n