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...
Ex-ministers call on Cabinet to support hard-up Brits
Last night, former ministers called on Jeremy Hunt to support hard-up Brits with tax cuts.
Ex-Cabinet Minister David Jones said: “We need to give individuals a break when it comes to personal taxes. It’s now time to deliver and I think Jeremy Hunt understands that.”
Ex-Minister Kevin Foster said: "The British people look to us as the party of aspiration and them being able to keep more of the fruits of their own labour.
“It is vital Jeremy reaffirms this in the autumn statement, by cutting taxes and spurring economic growth which benefits all,” he added.
Labour brands tax decision 'too little, too late'
Labour's shadow chief secretary to the Treasury Darren Jones has welcomed today's tax cuts but branded them "too little, too late."
"A couple of hundred quid off per year will be good, but [people are] still going to be down £3,000, £3,500 a year," he told Sky News.
"The fact of the matter is it's too little, too late. The Tories have failed and they're not going to be able to turn it around at this stage."
Benefits crackdown to be confirmed in Autumn Statement
Jeremy Hunt will launch a major clampdown on benefit claimants to cut the welfare bill today.
Those who "coast" on benefits will lose freebies - such as free prescriptions - if they refuse to take a job.
He will also attempt to up the number of those working from home even if they have mobility or mental health issues.
Jeremy Hunt to announce huge pension shake-up
Jeremy Hunt is set to announce workers will be able to choose a “pot for life” pension today.
Employees will soon be able to nominate the retirement scheme they want employers to pay into, Chancellor Jeremy Hunt is expected to announce.
Companies are currently obliged to sign up staff to their own pension plans chosen by them.
Cabinet arrives in Downing Street
The Cabinet has been pictured arriving at Downing Street ahead of today's Autumn Statement.
What time is the Autumn Statement on November 22?
Today's Autumn Statement will be read in the House of Commons and is set to take place at midday.
The announcement usually starts around 12.30pm - directly after Prime Minister's Questions and typically lasts around one hour.
After the Statement, Shadow Chancellor Rachel Reeves responds, and then other MPs ask questions about the Statement.
The Office for Budget Responsibility (OBR) will then publish a report outlining how the economy is doing and its forecasts.
Minimum wage set to rise
Brits will see the minimum wage boosted following today's Autumn Statement.
The Chancellor said the minimum hourly rate for over 21s will rise from £10.42 to £11.44 next April.
This will see around three million Brits have their wages boosted by almost 10 per cent.
Mr Hunt said: "Next April all full-time workers on the National Living Wage will get a pay rise of over £1,800 a year. That will end low pay in this country, delivering on our manifesto promise.
"The National Living Wage has helped halve the number of people on low pay since 2010, making sure work always pays."
Could we see support for first time buyers?
Jeremy Hunt is said to be considering a package of support to help first-time buyers get on the property ladder.
One of the options said to be being considered is an extension to the government's mortgage guarantee scheme.
It allows buyers with a small deposit of 5% to get a 95% loan-to-value (LTV) mortgage.
Latest things to expect at today's statement
- Hopes rising that booze duty will be frozen in a win for drinkers
- Plans to cut inheritance tax are set to be shelved until next year
- Mr Hunt will order a back-to-work drive and crack down on benefits
- The Living Wage is expected to rise above £11 in a much-needed cash boost for workers
- White Van Man is in line for a tax cut through National Insurance Contributions
When will the Autumn Statement be made?
The Statement will be read in the House of Commons today (November 22) at midday.
Mr Hunt will tell MPs at 12:30 in the House of Commons today: “After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track.
“We have supported families with rising bills, cut borrowing and halved inflation.
“The economy has grown. Real incomes have risen. Our plan for the British economy is working.”
Joy for drinkers
Jeremy Hunt looks set to announce a boost for pubs, bars and drinkers alike in his Autumn Statement today.
Beer, wine and spirits levies will not go up - and pubs and bars are likely to have their 75 per cent business rates holiday extended.
Meanwhile, Brits will receive a cut to their National Insurance.
Which benefits look set to go up in April?
While the government is yet to confirm the full list of benefits to rise, the following are also legally required to have their payments rise with the previous September's rate of inflation each April:
- Personal independence payment (PIP)
- Disability living allowance
- Attendance allowance
- Incapacity benefit
- Severe disablement allowance
- Industrial injuries benefit
- Carer's allowance
- Additional state pension
- Guardian's allowance
Households could get £600 benefits boost next year
Jeremy Hunt looks set to announce a benefits boost as part of today's Autumn Statement.
State pensions and benefit payments will increase in line with September's rate of inflation, which is 6.7%.
The payment boost will come into effect in April 2024 and the average family on Universal Credit will be around £600 a year.
Jeremy Hunt to 'deliver a budget for growth'
In a video released last night, Jeremy Hunt said today's statement will focus on growth.
The clip sees business leaders and investors praising the potential of the UK economy.
Watch below:
What to expect - State pension boost
Under the triple lock, the state pension is uprated in April by inflation for the previous September, wages or 2.5%, whichever is higher.
Growth in employees' average total pay was 8.5% in the three months to July.
The UK inflation rate stood at 6.7% in September.
If the government sticks to the triple lock it looks increasingly like state pension payments will rise by 8.5% next April.
Statement to 'reject big government' in bid to 'back British business'
Jeremy Hunt will "reject big government" in a bid to boost growth.
“In today’s Autumn Statement for Growth, the Conservatives will reject big government, high spending and high tax because we know that leads to less growth, not more,” the Chancellor is expected to say.
And he will vow to “back British business with 110 growth measures to remove planning red tape, speed up access to the national grid and support entrepreneurs raising capital.”
What is Jeremy Hunt expected to say?
Mr Hunt will tell MPs at 12:30 in the House of Commons today: “After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track.
“We have supported families with rising bills, cut borrowing and halved inflation.
“The economy has grown. Real incomes have risen. Our plan for the British economy is working.”
Benefit boost to be announced
Benefits claimants are expected to see a cash boost in the months to come.
Benefit claimants should receive bumps in line with September's inflation figure of 6.7 per cent.
The Chancellor had considered choosing October's lower 4.6 per cent inflation figure as it would have saved the government around £3 billion.
Benefits boosts and tax cuts as the Autumn Statement takes place today
Today, Jeremy Hunt will set out the Conservative's economic vision for the years ahead.
The Chancellor will today deliver three cheers for cash-strapped Brits as he freezes booze duty ahead of the party season.
A cut to National Insurance for workers and a boost in the minimum wage to £11.44 is also set to be confirmed as the government looks to "turbo-charge growth."
