[Official Thread] Chancellor Jeremy Hunt to deliver Autumn Statement on Wednesday

Volunteer Section Leader, Clearing and Applications Advisor

On Wednesday 22 November, Chancellor Jeremy Hunt will deliver the Autumn Statement to MPs. The timing is still to be confirmed, but it usually happens at lunchtime and is estimated to start at 12.30pm.

Hunt has already said he has not ruled out income tax cuts as he seeks to revive the stagnant British economy.

A few policies have already been announced in advance:

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The National Living Wage is to increase to £11.44 per hour from April next year, and will apply to those 21 and older

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The BBC understands that a cut to national insurance will be announced

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Those who are on benefits and fail to find work within 18 months will have to undertake work experience placements or lose their benefits for a period

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The 'full capital expensing' policy for businesses will be extended until 2028

Further policies are rumoured to be announced in the Autumn Statement:

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The state pension could rise by 7.8%-8.5% in April

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The Telegraph reports that new homeowners who improve the energy efficiency of their properties in the first two years of their ownership could receive a stamp duty rebate

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Inheritance tax might be cut

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i newspaper is reporting a possible cut to stamp duty

What are your thoughts on the announced and rumoured measures? If you were Chancellor, what announcements would you make in the Autumn Statement?

As the Autumn Statement is broadcast feel free to share your thoughts in this thread!

Live feeds:
https://news.sky.com/story/politics-news-live-sunak-and-starmer-to-square-off-at-pmqs-before-chancellors-autumn-statement-with-tax-cuts-expected-12593360
https://www.bbc.co.uk/news/live/uk-67491863

Sources:

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Reply 1

Saracen's Fez

Volunteer Section Leader, Clearing and Applications Advisor

I won't lie, I preferred the announcements in the draft version of this thread :lol:

Reply 2

CatusStarbright

Volunteer Section Leader, Clearing and Applications Advisor

Original post

by Saracen's Fez

I won't lie, I preferred the announcements in the draft version of this thread :lol:

They were from last year :tongue:

Reply 3

londonmyst

I agree with reducing national insurance, stamp duty and inheritance tax.
I disagree with increasing the national living wage.
I have serious doubts as to the mandatory placements for medium to long term unemployed welfare claimants.
Particularly those with criminal records or a history of dysfunctional habits that make life very difficult for their neighbours & random strangers they encounter in public places.

Ideally I'd like to see a variety of tax cuts, including alcohol duty & fuel duty as well as income tax and inheritance tax.
Plus Increasing the personal allowance to £18k and and exempting all lower earners from national insurance.

Reply 4

Gazpacho.

Great to see an increase in minimum wage.

The national insurance cut is a distraction. We’ll likely see the overall tax burden rise for most people. High tax Conservatives hammering working people again.

Reply 5

CatusStarbright

Volunteer Section Leader, Clearing and Applications Advisor

110 measures to be announced! :eek:

Reply 6

Gazpacho.

Hunt off to great start by gaslighting the nation with the claims that the government aren’t big state, high tax.

Reply 7

CatusStarbright

Volunteer Section Leader, Clearing and Applications Advisor

£7 million pledged over three years to tackle anti-Semitism in schools and universities.

Reply 8

CatusStarbright

Volunteer Section Leader, Clearing and Applications Advisor

Measures to help with the cost of living:

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Benefits to rise by 6.7% in line with September's inflation figure

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Local housing allowance rate increased

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All alcohol duty frozen until 1 August 2024

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State pension to rise by 8.5% from 1 April 2024

Reply 9

CatusStarbright

Volunteer Section Leader, Clearing and Applications Advisor

£50 million investment in increasing apprentices in engineering and other sectors.

Reply 10

CatusStarbright

Volunteer Section Leader, Clearing and Applications Advisor

Investment for housing areas in Cambridge, London, and Leeds.

(I didn't catch the detail on this one!)

Reply 11

CatusStarbright

Volunteer Section Leader, Clearing and Applications Advisor

£5 million given to set up a Fleming Centre in relation to vaccine production.

Reply 12

CatusStarbright

Volunteer Section Leader, Clearing and Applications Advisor

£80 million to the new levelling-up partnerships in Scotland, Wales and NI.

Reply 13

CatusStarbright

Volunteer Section Leader, Clearing and Applications Advisor

The small business multiplier for business rates is to be frozen, and the 75% discount for retail, leisure, etc. businesses is to be extended another year.

Reply 14

CatusStarbright

Volunteer Section Leader, Clearing and Applications Advisor

Class 2 NI (paid by the self-employed) is to be abolished. Class 4 NI is to be cut to 8%.

Reply 15

CatusStarbright

Volunteer Section Leader, Clearing and Applications Advisor

Full expensing for businesses is to be made permanent (not just extended until 2028 as previously reported).

Reply 16

CatusStarbright

Volunteer Section Leader, Clearing and Applications Advisor

Three reforms to improve incentives to work:

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Reforms to the fit note process (treatment rather than time off becomes default) and work capability assessment

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£1.3 billion over five years to help those with health conditions find jobs

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Benefits stopped if people do not engage with the programme for six months

Reply 17

Gazpacho.

He’s criticising Labour over migration when we know we’ll get figures tomorrow showing just how insanely high the Conservatives have pushed up net migration.