Highlights from the Autumn statement for growth

Here are twelve ways the Autumn Statement for Growth reduces debt, cuts tax and rewards hard work: 

Cutting taxes for 27 million working people from January, rewarding hard work across the country. We are cutting the main rate of National Insurance Contributions from 12 per cent to 10 per cent. For the average worker earning £35,000 a year, that means a £450 tax cut. Helping people keep more of their hard earned money (Source, HM Treasury, Autumn Statement 2023, 22 November 2023, link).

Cutting and simplifying tax for two million of the self-employed, supporting the country’s entrepreneurs. We are abolishing an entire class of NICs and cutting the rate of the NICs top rate from nine per cent to eight per cent – a with an average total saving of around £350 for someone earning £28,000 a year (Source, HM Treasury, Autumn Statement 2023, 22 November 2023, link).

Cutting business taxes permanently by £11 billion a year, delivering the biggest business tax cut in modern British history. We promised to make full expensing permanent when the economic allows and now we have delivered that. Making full expensing permanent enables businesses to invest for less and offset investments against their tax bills (Source, HM Treasury, Autumn Statement 2023, 22 November 2023, link).

Reducing debt, meaning we can spend more money on public services. The Office for Budget Responsibility (OBR) has forecast that we will meet our fiscal rule to have debt falling as a share of the economy a year early, this means there is more money to spend on funding public services (Source, HM Treasury, Autumn Statement 2023, 22 November 2023, link).

Cutting business rates, supporting small businesses. We are freezing the small business multiplier yet again, saving an average shop £1,650, and extending the Retail Hospitality and Leisure Relief for a year which supports businesses most commonly found on the highstreets such as shops and pubs (Source, HM Treasury, Autumn Statement 2023, 22 November 2023, link).

Boosting the National Living Wage to record levels, ending low pay and rewarding hard work. We are delivering the largest ever cash increase to the National Living Wage, boosting it to £11.44 an hour. That is a 9.8 per cent increase, benefiting 2.7 million workers by an average £1,800 a year (Source, HM Treasury, Autumn Statement 2023, 22 November 2023, link).

Helping the most vulnerable with an average income boost of £800, supporting families with the cost of housing. We are supporting 1.6 million of the families most struggling with the cost of living by increasing the Local Housing Allowance. This means housing benefits are more representative of the private rental market and will deliver an average of £800 a year of support (Source, HM Treasury, Autumn Statement 2023, 22 November 2023, link).

Boosting pensions, in line with our Triple Lock, by 8.5 per cent, ensuring dignity in older age for those who have worked their entire lives. We are honouring the Triple Lock and uprating the State Pension by 8.5 per cent, this means the basic State Pension will be £3,750 higher than in 2010 (Source, HM Treasury, Autumn Statement 2023, 22 November 2023, link).

Freezing alcohol duty, alleviating pressure on the hospitality sector. Following the recent implementation of the alcohol reforms and uprating on 1 August 2023, we will freeze alcohol duty until August 2024. The next alcohol duty uprating decision will be delayed until Spring Budget 2024 (Source, HM Treasury, Autumn Statement 2023, 22 November 2023, link).

Increasing all working age benefits in full by 6.7 per cent, boosting benefit payments for around 5.5 million households who receive Universal Credit. As is standard, we are uprating benefits in line with the September rate of inflation, this is an average increase of £470 a year (Source, HM Treasury, Autumn Statement 2023, 22 November 2023, link).

Getting people into work by reforming welfare and toughening up work requirements, ensuring it always pays more to work rather than be on benefits. We are launching Work Support Programme to keep more people in work and stem the flow of sickness-related inactivity. This includes benefit sanctions for those who do not take up employment (Source, HM Treasury, Autumn Statement 2023, 22 November 2023, link).

Reducing inflation further, delivering long-term cost of living relief for families. The OBR state that the package as a whole means inflation is forecast to be lower next year than they said at Spring Budget (Source, HM Treasury, Autumn Statement 2023, 22 November 2023, link).

Comments

Post a Comment

Popular posts from this blog

Nick Herbert on his visit to flood hit areas of Cumbria

Please note that the post below was published more than ten year ago on 21st November 2009 Nick Herbert MP, shadow cabinet member for the Environment, Food, and Rural Affairs, was in Cumbria this morning to see the areas affected by the flooding. He writes on Conservative Home about his visit. Here is an extract. I’ve been in Cumbria today to see the areas affected by the floods. I arrived early in Keswick where I met officials from the Environment Agency. Although the river levels had fallen considerably and homes were no longer flooded, the damage to homes had been done. And the water which had got into houses wasn’t just from the river – it was foul water which had risen from the drains. I talked to fire crews who were pumping flood water back into the river, and discovered that they were from Tyne & Wear and Lancashire. They had been called in at an hours’ notice and had been working on the scene ever since, staying at a local hotel. You cannot fail to be impressed by the
Read more

Quotes of the day 19th August 2020

Image
"Wise men profit more from fools than fools from wise men; for the wise men shun the mistakes of fools, but fools do not imitate the successes of the wise."  ( Cato the Elder , who lived 234 BC - 149 BC, quoted in "Lives" by Plutarch.) There is a similar saying by Germany's Iron Chancellor, Otto von Bismarck: Benjamin Franklin is supposed to have put the same saying in a more humorous form: "Wise men profit by the mistakes of others, while fools will not learn even from their own blunders." See also this thread on the "Quote Investigator" website . Let us all be wise and learn from the events of the last few days.
Read more

Quote of the day 24th July 2020

I was moved to put the passage below forward as a quote today when I saw a horrible post on twitter from someone writing that it was "excellent" that someone who took a different view from her about Brexit had died. I won't write which way round it was so that all the Remain supporters can assume the post was from a Brexit fanatic welcoming the death of a remainer and all the Leavers can assume it was a Remainiac welcoming one less Brexiteer. There's been plenty of nasty stuff on both sides but if you catch anyone of your own viewpoint  posting something like that who might listen to you, please do call them out on it - and point out that they're giving everyone on your side of the argument a bad name. Anyway, here's the quote from John Donne.
Read more