Autumn Statement Summary

Posted on: 22 November 2023

Autumn Statement Summary
Chancellor Jeremy Hunt started his speech by saying he had more than 100 measures in his full Autumn Statement.
Luckily for us (and you?) he didn't lay them all out in the House of Commons just now, but he did say rather a lot. Here are some of the key announcements he made:
  • National Insurance cut
The main rate for employees will be cut from 12% to 10% from 6 January.
It is currently charged at 12% on earnings between £12,571 and £50,271 - and 2% on anything above that.
The self-employed will benefit from changes to two other areas of National Insurance specific to them. Hunt said this would save a self-employed person about £350 a year.
  • Benefits rise but rules for some tightened
They will rise by 6.7% next year, in line with the inflation rate for September.
But welfare recipients will be made to undertake a mandatory work placement if they are still looking for a job after 18 months.
  • Minimum wage hike
The national living wage will rise to £11.44 an hour, up from £10.42
  • Boost for pensioners
The state pension will increase by 8.5% next year, in line with average earnings. It will reach £221 a week from April .
  • Tobacco and alcohol
Tobacco duty has been put up by 10%, while alcohol taxes have been frozen until 1 August.
  • Tax breaks for businesses
The government is making permanent a tax break for businesses which allows them to offset investment in machinery, IT and equipment against corporation tax
It is also extending business rate relief for many small firms, including pubs and other hospitality businesses
*Information taken from BBC News


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