Autumn Statement: Chancellor Jeremy Hunt cuts National Insurance but tax burden still rises
Business / Thu 23rd Nov 2023 at 07:12am
CHANCELLOR Jeremy Hunt has announced a bigger than expected cut in National Insurance in his Autumn Statement reports the BBC.
The main rate will go down from 12% to 10% from January – although previous tax changes mean many workers will not be much better off.
Mr Hunt also increased the state pension by 8.5% from April and said universal credit will rise by 6.7%.
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I hope Rob has another career to fall back on for a conservative party this was a terrible budget
1. Office for Budget Responsibility "Living standards, as measured by real household disposable income per person, are forecast to be 3.5% lower in 2024-25 than their pre-pandemic level." 2. "Tax changes in this Autumn Statement reduce the tax burden by 0.7% of GDP, but it still rises in every year to a post-war high of 37.7% of GDP by 2028-29." 3. "By 2028-29, frozen thresholds result in nearly four million additional workers paying income tax, three million more moved to a higher rate and 400,000 more paying the additional rate”.