The Autumn Statement, being delivered by Chancellor Jeremy Hunt later today, is expected to announce a cut in National Insurance for millions of workers, alongside a new toughening of benefit sanctions. Hunt will also institute a cut to business taxes. The Chancellor’s statement is expected to reveal measures aimed at boosting business investment into the UK economy by £20bn annually, aimed at stimulating economic growth.
The Institute for Fiscal Studies (IFS) reports that UK levels of taxation are at their highest since records began 70 years ago, although many Conservative MPs are keen to see the tax burden eased over the coming years. Shadow Chancellor, Rachel Reeves, argued that nothing the Chancellor could say would change the Conservatives’ “appalling record” on the UK economy.
The Autumn Statement is expected to re-emphasise the importance of “business investment” and to make announcement of improved benefit schemes for long-term health condition sufferers and those who have faced long-term unemployment. Downing Street failed to rule out proposals to withdraw bus passes from individuals who refuse job placements; Hunt and his team will release the full details of their proposals later today.
This promises to be a crucial moment in Britain’s economic history and the Autumn Statement will be yet another chance for Mr Hunt and his team at the Treasury to win plaudits from a wearying and sceptical public
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