Chancellor Jeremy Hunt is set to unveil his tax and spending plans for the upcoming year to fellow MPs at the House of Commons on Wednesday in what is being dubbed as a critical moment for Prime Minister Rishi Sunak. The Conservative party is currently trailing in polls, with a general election looming. The Autumn Statement is scheduled to begin around 12:30 GMT immediately after Prime Minister’s Questions.
According to Welsh government statistics, over 99% of firms in Wales are small and medium-sized businesses (SMEs), accounting for about two-thirds of employment. The Federation of Small Businesses in Wales is hoping to receive more funding from the Welsh government to extend its business rate relief scheme and combat late payments. Kristian Cuffin, the owner of Cuffed-in Coffee in Holyhead, Anglesey stated that his business’s primary challenge is cash flow management and would like to see a value-added tax (VAT) cut for hospitality businesses like his. Mr Cuffin has also called for more funds for work placements to get young people into the industry.
Over 250,000 Welsh households are currently on universal credit. The inflation rate from September, traditionally used to determine an increase in universal credit, was 6.7% this year. However, there are concerns that the government could save money by basing the increase on October’s lower rate of 4.6%.
David Jones, former Welsh Secretary and Clwyd West MP, is pushing for Jeremy Hunt to include tax cuts in the Autumn Statement. Jones wants to see reductions in corporation tax and income tax as well as inheritance tax cutting or scrapping. The Conservative MP for the Vale of Glamorgan, Alun Cairns, has also expressed interest in this area on behalf of his constituents. Meanwhile, Steph Powell from Merthyr Tydfil, a mum-of-two and health and safety consultant, hopes to see a reduction in income tax and more investment from both the UK and Welsh governments in giving parents a “helping hand” with childcare costs to remove barriers for parents wanting to return to work
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