Jeremy Hunt praised the energy and enterprise of people across the country. He said Government should reduce debt, cut tax and reward work!
Many of the measures announced will deliver a direct benefit to families across Cornwall and on Scilly.
The Autumn Statement for Growth will:
- Cut taxes for 27 million working people from January by cutting the main rate of National Insurance Contributions from 12% to 10%.
- Cut and simplify tax for 2 million of the self-employed, abolishing an entire class of NICs and cutting the rate of the NICs top rate from 9% to 8%.
- Boost the National Living Wage to £11.44 an hour.
- Boost pensions, in line with the Triple Lock, by 8.5%.
- Increase all working age benefits in full by 6.7%, boosting benefit payments for around 5.5 million households who receive Universal Credit.
- Get people into work by reforming welfare and toughening up work requirements.
- Increase the Local Housing Allowance to the 30th percentile of local market rents in April 2024.
- Cut business taxes by £11 billion - the biggest business tax cut in modern British history - by
- permanently enabling businesses to invest for less and offset investments against their tax bills.
- Cut business rates by freezing the small business multiplier yet again, and extending the 75% relieve for Retail, Hospitality and Leisure businesses.
- Freeze alcohol duty.
The Office for Budget Responsibility states that this package will increase GDP by 0.5% while inflation is forecast to be lower next year than they said at Spring Budget.
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
“With inflation falling, and global economic conditions stabilising, we are now able to turn our attention to the long-term decisions required to strengthen our economy and build a brighter future. “Our Autumn Statement for Growth takes those long-term decisions to reduce debt, cut tax, reward hard work and back British business right across the country.“ By doing so we are making huge progress in tackling the long-term economic challenges facing the UK so we can build a more dynamic economy that delivers prosperity across our United Kingdom.”
Read the Autumn Statement in full here.