Jeremy Hunt will deliver his autumn statement in the Commons at 12.30pm on Wednesday in what is the Chancellor’s main opportunity to make tax and spending announcements outside the Budget.
The Chancellor is expected use the statement to reduce headline rates of national insurance and make permanent a £10 billion-a-year tax break for companies that invest in new machinery and equipment.
- The Chancellor will set out his plans in the Commons at around 12.30pm on Wednesday
- Mr Hunt is promising a tax-cutting statement to 'get Britain growing'
- A rise in the Living Wage has already been announced
- The UK's tax burden is at a 70-year high after Covid and the Ukraine war
11.40am
The Chancellor told Cabinet that it was “economically and morally wrong” that 100,000 people were on benefits with no requirement to look for work.
A Downing Street spokesman said: “The Chancellor said that his statement was one that backs business and rewards workers to get Britain growing.
“He particularly pointed to tackling the problem of 100,000 people being signed onto benefits with no requirements to look for work because of sickness or disability, saying that it is a waste of potential that is both economically and morally wrong and that the back-to-work plan would support over a million people to find work.
“The Prime Minister concluded Cabinet by saying it was no accident that stability had been restored to the economy and that inflation had halved – it was the result of actions taken by the Government.
“He said the Government would now turn its focus to the long-term decisions needed to grow the economy further – with the autumn statement delivering on that change.”
11.35am
11.30am
11.15am
The Chancellor is expected to take advantage of headroom in the public finances, allowing him to reduce taxes while still meeting his “fiscal rules” of having debt falling in the fifth year of the economic forecast and for borrowing to be less than 3% of gross domestic product (GDP).
11am
In a social media video, the Chancellor said the statement had “110 different measures to help grow the British economy”.
“I’m thinking of my own business, that I set up over 30 years ago,” the Chancellor said.
“I want to help thousands of other people do what I did, and I hope today will make a really big difference.”
10.45am
The Government has already announced an increase in the national living wage for almost three million workers.
It will rise from £10.42 to £11.44 from April, with the policy also extended to cover workers aged 21 and over, rather than 23 and over.
It will mean an £1,800 annual pay rise next year for a full-time worker on the living wage, while 18 to 20-year-olds will receive a £1.11 hourly rise to £8.60.
10.15am
Labour has been leading the Tories in the opinion polls for several months.
10am
The economy is “back on track”, Jeremy Hunt will declare as he starts cutting taxes and pushes for business growth ahead of next year’s election.
Mr Hunt said he hoped the autumn statement’s measures would make a “really big difference” to entrepreneurs.
