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Autumn Statement 2023 LIVE — Jeremy Hunt declares Britain is ‘back on track’ in mini-Budget giveaway

JEREMY Hunt has unleashed sweeping tax cuts to ease the burden on millions of Brits and help resuscitate the flagging economy.

After months of restraint, the Chancellor slashed National Insurance by 2 percentage points yesterday to save workers an average £450.

He also handed businesses massive relief to form the “biggest package of tax cuts since the 1980s”.

Freezing alcohol duty, Mr Hunt especially toasted the Sun’s Save Our Sups campaign for championing pubs.

And those on the lowest pay were granted a cash boost with the minimum wage, benefits and the state pension all given above-inflation hikes.

Defiant Mr Hunt hailed it as an Autumn Statement to get Britain "back on track".

Read our Autumn Statement blog below for all the latest news and updates...

  • Alcohol duty will remain frozen

    Ahead of Christmas party season the Chancellor brought joy to boozers as he announced alcohol duty will stay frozen.

    In a major victory for our Save Our Sups campaign, beer, wine and spirits levies will not go up - and pubs and bars had their 75 per cent business rates holiday extended.

    As MPs cheered the freeze in the Commons, Mr Hunt said:  "I know that for many people going to the pub has become more expensive.

    "I have listened closely to the persuasive arguments on alcohol duties from (colleagues) and indeed The Sun newspaper."

  • Autumn Statement at a glance

    Jeremy Hunt vowed to "reduce debt, cut taxes and reward work" as he unveiled a package aimed at saving cash-strapped Brits and turbo-charging the economy.

  • Benefits to increase in line with inflation rate

    Chancellor Jeremy Hunt has confirmed he will raise benefits in line with the highest inflation rate.

    In a major move, Mr Hunt is set to uprate benefits by 6.7 per cent, aligning with September’s inflation rate.

    There had been speculation the Chancellor would choose the October’s 4.6 per cent inflation figure as it would have saved the Government around £3 billion.

  • 'Today's announcements won't touch the sides' Lib Dems claim

    The Liberal Democrats' Treasury spokesperson, Sarah Olney, described today's announcements as "deception" from Jeremy Hunt.

    She said: "Conservative chaos has sent mortgages and tax bills soaring, today’s announcements won’t even touch the sides."

    Sarah Olney added: "These dismal forecasts show the economy is on life support and reducing NHS waiting lists is the shot in the arm needed.

    "It is a no-brainer that we need people off waiting lists and back to work, yet this Conservative government simply doesn't care."

  • Forecasters predict house prices will drop by thousands

    According to the Office for Budget Responsibility house prices are set to fall by 4.7 per cent next year.

    This means house prices will be 7.6 per cent lower in total compared to January 2022.

    Lower levels of demand are predicted to cause the huge drop-off.

    The OBR then expects a slow recovery in house prices, but it will take until the second half of 2027 for them to reach their 2022 peak, they estimate.

    It comes as house prices fell at their sharpest rate in 14 years in August — with the average value now £259,153, figures show.

    The 5.3 per cent annual drop was the biggest since July 2009 and left house prices £14,600 below their August 2022 peak.

  • Campaigners slam Hunt's rolling tobacco price increase

    Campaigners slammed Jeremy Hunt's move, saying the Chancellor has "raised two fingers to working class people across the country".

    Simon Clark, director of the smokers' group Forest, said: "Raising duty on hand-rolled tobacco by such a punitive amount is going to push more smokers further into poverty or into the hands of illegal traders including criminal gangs.

    "This is a clear attack on smokers from poorer backgrounds, many of whom use hand-rolled tobacco because until now it's been cheaper than buying manufactured cigarettes."

    He added: "Instead of punishing adults who smoke with punitive taxation designed to force them to quit, the government should focus on the underlying reasons why a greater proportion of people from lower socio-economic backgrounds are smokers.

    "Often it's because of their environment but, instead of improving the conditions in which many people live, this Tory government is determined to force smokers to give up a habit that may relieve some of the stress caused by their environment."

  • Price rise for rolling tobacco

    Jeremy Hunt announced that smokers will have to pay more for rolling tobacco.

    The government will increase duty on hand-rolling tobacco by 10% over the tobacco duty escalator.

    That means the tax will go up by the current RPI level of inflation, 6.1%, plus 12%.

    Meanwhile, the price of all tobacco products will increase by RPI plus 2%.

    Mr Hunt said: "I am going to increase duty on hand-rolling tobacco by an additional 10% above the tobacco duty escalator."

  • The Lib Dems respond

    Lib Dem Treasury spokeswoman Sarah Olney says: "This is a deception from Jeremy Hunt after years of cruel tax hikes on hard-working families from this government.

    "Conservative chaos has sent mortgages and tax bills soaring, today’s announcements won’t even touch the sides."

  • House prices set to fall

    Good news for prospective homeowners: house prices are set to fall by 4.7 per cent next year.

    That's according to the Office for Budget Responsibility, which adds that house prices will be 7.6 per cent lower in total compared to January 2022.

  • New National Minimum Wage rates

    The National Minimum Wage is the minimum amount that workers under 21 (but of school-leaving age) are entitled to.

    Exactly how you get depends on how old you are.

    Here are the new rates that will be implemented from April 1, 2024:

    • Those aged 21 and over will get £11.44 rather than the current rate of £10.42
    • For 18 to 20-year-olds, the rate will be £8.60, an increase of £1.11 on the previous wage of £7.49
    • 16 to 17-year-olds will get £6.40, an increase of £1.12 on the previous rate of £5.28
    • The apprentice wage will also increase to £6.40 from £5.28
  • Reeves - 'Sun is setting on this government'

    Speaking during her response to Jeremy Hunt's Autumn Statement, shadow chancellor Rachel Reeves claimed the "sun is setting" on this Conservative government.

    "As the sun begins to set on this divided, out of touch and weak government - it is clear the economy is simply not working," she said.

    "Despite all the promises today, working people are still worse off."

  • Over to Rachel Reeves

    Labour's shadow chancellor Rachel Reeves is now responding to the Autumn Statement.

    She says Hunt's statement had "lifted the lid on 13
    years of Conservative failure.

    "He claims the economy has turned a corner. But this is the full stage of the damage done."

    "This is the legacy of the Conservatives - the British public will not be taken for fools."

    Shadow chancellor Rachel Reeves speaking after Chancellor of the Exchequer Jeremy Hunt delivered his autumn statement in the House of Commons in London. Picture date: Wednesday November 22, 2023. PA Photo. See PA story POLITICS Budget. Photo credit should read: House of Commons/UK Parliament/PA Wire
  • 'An Autumn Statement for a country that has turned a corner'

    And with that Hunt ends his Autumn Statement.

    He wraps up: "We are delivering… … the biggest business tax cut in modern British history... … the largest ever cut to employee and self-employed National Insurance… … and the biggest package of tax cuts to be implemented since the 1980s.

    "An Autumn Statement for a country that has turned a corner. An Autumn Statement for growth, which I commend to the House."

  • Massive tax cut for workers

    Jeremy Hunt has just announced a massive cut to National Insurance for Britain’s 28 million workers from January.

    He said the rate of NICs will come down from 12 per cent of earnings to 10 per cent of earnings. 

    Hunt said: "It means someone on the average salary of £35,000 will save over £450."

    It is the long-awaited personal tax cut many Tory MPs and voters have been clamouring for.

  • Minimum wage hike

    The Chancellor has confirmed the National Living Wage will increase by over a pound an hour from April, from £10.42 to £11.44. 

    The hike means a full-time worker could receive a pay rise of more than £1,800 a year. 

    Mr Hunt also said the National Minimum wage rates for younger workers will also increase, with 18-20 year-olds getting a wage boost to £8.60 an hour. 

  • Benefits crackdown

    The Chancellor has confirmed people with mobility and mental health problems face their benefits slashed if they fail to look for jobs they can do from home. 

    He says: "Every year we sign off over 100,000 people onto benefits with no requirement to look for work because of sickness or disability.

    "That waste of potential is wrong economically and wrong morally."

    Existing claimants will also get assurances that their right to benefits will not be reassessed if they look for a work-from-home job.

    Changes to the work capability assessment (WCA) have also been announced following a consultation, with stricter rules to be introduced. 

  • Tax cuts for business

    Jeremy Hunt has handed a massive tax cut for firms that invest back into their company.

    He is extending the "full expensing" break for bosses in a bid to drive growth.

    He says: "I will today make full expensing permanent. This is the largest business tax cut in modern British history."

  • White Van Man tax scrapped

    Jeremy Hunt has announced he is scrapping Class 2 National Insurance, paid by many self-employed workers.

    He says it will save the average self-employed person £192 per year.

    It is seen as a win for White Van Men, who are stung by the levy.

  • Another win for The Sun's Save Our Sups campaign

    Jeremy Hunt announces he is extending the 75 per cent business rates discount for Retail Hospitality and Leisure businesses for another year too.

    He says: "This will save the average independent pub over £12,800 next year and at a cost of £4.3bn, it is a large tax cut which recognises the role of pubs and high street shops in our communities."

  • Hunt makes apprenticeship pledge

    Jeremy Hunt today committed £50m over the next two years to boost the number of apprentices in engineering.

    The minimum hourly wage for an apprentice will also see a 21 per cent increase to £6.40 an hour from next year.

  • Bills boost

    Households living close to new pylons and electricity substations will receive up to £1,000 a year off energy bills for a decade, the Chancellor has confirmed. 

    The plans hope to encourage Brits to support upgrades in their areas, which are needed for new electric vehicle charging points. 

  • Hunt lays out growth forecasts

    Britain's growth has been downgraded for the next few years.

    According to the OBR's long-term growth forecasts, Britain's economy will increase:

    0.6% - 2023

    0.7% - 2024

    1.4% - 2025

    1.9% - 2026

    2% - 2027

    1.7% - 2028

  • Hunt salutes our veterans

    Businesses that hire veterans will be able to continue to claim national insurance relief, the Chancellor has announced.

    Jeremy Hunt said the relief will be extended for a further year and that he will also provide £10 million to support the Veterans’ Places, Pathways and People Programme.

    On defence spending, Mr Hunt said the Government would continue to meet its Nato commitment to spend 2% of GDP.

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