Autumn Statement 2023

[PR1Berske]

Live feed: Parliamentlive.tv - Commons
BBC iPlayer: BBC iPlayer - BBC Parliament


Guardian: Hunt to cut taxes to turbocharge economy: Autumn statement: Jeremy Hunt looks to cut UK taxes and ‘turbo-charge growth’

Daily Telegraph (through a Paywall breaker)

"Jeremy Hunt is expected to announce a cut to National Insurance in a boost for 28 million people when he delivers his Autumn Statement this afternoon.

The headline rates of the levy are expected to be reduced as the Chancellor also unveils what is due to be the biggest business tax cut in half a century.

Mr Hunt will tell MPs in the House of Commons that the Tories will “reject big government, high spending and high tax because we know that leads to less growth, not more”.

The Chancellor will insist that his plan for the economy can deliver growth and reduce the national debt.

He will say: “Our plan for the British economy is working. But the work is not done. Conservatives know that a dynamic economy depends less on the decisions and diktats of ministers than on the energy and enterprise of the British people.”

pic.twitter.com/EutiRCraxv

— Jeremy Hunt (@Jeremy_Hunt) November 22, 2023
It had also been rumoured that Mr Hunt would cut income tax, but it is thought this could be delayed until the Budget in March.

Economists said this morning that the Treasury may have decided to target NI because it is better targeted at working people.

No one pays National Insurance on the first £12,571 they earn in a year. Most workers pay 12 per cent on earnings up to a threshold of £50,271 - and two per cent on income after that. Employers also pay NI contributions.

The self-employed pay nine per cent on their profits between £12,570 and £50,270, and two per cent on profits after that.

Those who have reached state pension age do not pay NI even if they are still working.

It is not known how much the Chancellor will reduce the levy by, but a one per cent cut in the basic NI rate would save the average worker around £250 a year."




PMQs due at 12
Statement due 1230

 

[NoXion]

"Big government"

 

[PR1Berske]

"Our plan for the British economy is working, though work has still to be done."
Our choice is not Big Government and High Tax. We reduce debt, cut taxes, and reward work."

 

[a_chap]

"Jeremy Hunt is expected to announce a cut to National Insurance in a boost for 28 million people when he delivers his Autumn Statement this afternoon.


Mr Hunt will tell MPs in the House of Commons that the Tories will “reject big government, high spending and high tax because we know that leads to less growth, not more”.

Cutting National Insurance.

He rejects a National Health System too

 

[PR1Berske]

"This Jeremy is building the economy. The other Jeremy would have crashed it."

Someone wrote that.

 

[Elpenor]

TLDR: tories still cunts fucking over everyone but themselves and their donors

 

[PR1Berske]

 

[Sue]

TLDR: tories still cunts fucking over everyone but themselves and their donors

Yes. Feel I don't really need to listen to this.

 

[Elpenor]

My excuse is that I have to update a few spreadsheets based on the results of some of the uplifts (6.7%), but probably won’t have the figures until next week as they get published a bit later on with the full technical guidance

 

[PR1Berske]

"Hunt says he announced plans for 12 investment zones – mini Canary Wharfs – in the spring.

He says tax reliefs for freeports and investment zones are being extended from five years to 10 years.

And he says he is announcing three more investment zones today in the West Midlands, the East Midlands and Greater Manchester.

These should bring in private investment of £3bn, and 65,000 jobs.

And there will be a new investment zone in Wrexham and Flintshire, he says.

 

[PR1Berske]

"Graeme Wearden
Here are the new estimates for the UK’s budget deficit, which Hunt rattled off briskly.

As you can see, borrowing is lower for most years than expected back at the March budget, and is hitting the second fiscal rule (that debt is below 3% of the economy) most years.

2023-24: 4.5% of GDP, lower than the 5.1% of GDP ( £131.6bn) forecast in March
2024-25: 3% of GDP, lower than the 3.2% of GDP (£85.4bn) forecast in March
2025-26: 2.7% of GDP, lower than the 2.8% of GDP (£76.7bn) forecast in March
2026-27: 2.3% of GDP, higher than the 2.2% of GDP (£63.5bn) forecast in March"

 

[DotCommunist]

all the money making schemes of the 21st are 'internet make believe' or 'what if we just cut organized labour out of the equation'

 

[PR1Berske]

 

[Elpenor]

Good to know we can still spend 2% of our GDP on defence, not as if there are any other demands on the nation

 

[PR1Berske]

100,000 people signed off with no compulsion to work, this will change, including reformatting the "sick note" process.
£1.3bn extra funding to long term unemployed.
If 18 months of support, no job is found, work placements must be taken up. If those work placements aren't taken up, benefits will be stopped.

 

[PR1Berske]

NLW increased to £11.44 p/h.

 

[PR1Berske]

"Hunt says new welfare support and sanction measures will get 200,000 more people into workforce
Hunt says the government needs to back workers as well as businesses.

He says he wants to increase incentives to work.

He praises Mel Stride, the work and pensions secretary. He says Strides’s reforms build on universal credit. Those measures were opposed by Labour, he says.

He says 30 hours of free childcare for one and two-year-olds was announced in the spring budget.

Today he is announcing measure for the long-term unemployed, and people who do not work due to sickness or disability.

Under the back to work plan, the sick note system will be changed, to assume that people can work. The work capapablity assessment will be changed. And more support will be offered of people going into work.

The goverment will ask for something in return, he says. If after 18 months of help, there will be mandatory work experience. And if people do not participate, the government will close the case and stop their benefits.

He says the OBR thinks this will get another 200,000 people into the workforce.

 

[PR1Berske]

NI cut from 12% to 10%.

 

[PR1Berske]

NI cut from 12% to 10%.

From January 6th.

 

[Elpenor]

NI cut from 12% to 10%.

From January

More spreadsheets to amend

 

[kabbes]

If he’s removing Class 2 NICs, does that remove the cheap way to get your NIC record up to full pension allowance, for the unemployed “self-employed”?

 

[kabbes]

It also sounds like he’s cutting 2% NIs across the board. Or is it just related to the NIs within the earnings threshold? If it’s 2% across the board then he’s just given an enormous tax cut to the highest paid. But if it’s 2% only within the threshold then there‘s a cap on the reduction.

 

[MickiQ]

NI cut from 12% to 10%.

Even though I am still working this is not a benefit to me. Since I turned 66 the weekend before last my NI contribution has dropped to 0% so I am substantially better off but no thanks to Hunt.
I didn't know about this until my Accountant sent me my payslip and I noticed there was no NI on it and a note that I should transfer myself more money this month.

"Hunt says new welfare support and sanction measures will get 200,000 more people into workforce
Hunt says the government needs to back workers as well as businesses.

He says he wants to increase incentives to work.

He praises Mel Stride, the work and pensions secretary. He says Strides’s reforms build on universal credit. Those measures were opposed by Labour, he says.

He says 30 hours of free childcare for one and two-year-olds was announced in the spring budget.

Today he is announcing measure for the long-term unemployed, and people who do not work due to sickness or disability.

Under the back to work plan, the sick note system will be changed, to assume that people can work. The work capapablity assessment will be changed. And more support will be offered of people going into work.

The goverment will ask for something in return, he says. If after 18 months of help, there will be mandatory work experience. And if people do not participate, the government will close the case and stop their benefits.

He says the OBR thinks this will get another 200,000 people into the workforce.

Well it will get them off benefits, I'm not convinced he's that arsed about whether it is into a job or not.

 

[PR1Berske]

 

[Chz]

Good to know we can still spend 2% of our GDP on defence, not as if there are any other demands on the nation

To be fair, we did sign a treaty promising to spend that much. Plenty of other countries who signed it don't, though.

This sounds good, but I can't see how it will be implemented:

Hunt announces changes to the rules for pension funds.

And he says he will give workers the right to require new employers to pay pension money into an existing pension pot.

Loads of pension funds have certain benefits defined because you're investing as a group (employees of the company). How does that work when you're no longer a member of that group? Often the company you work for spends some time and effort in management of the fund, too. How does that work when you're an ex-employee?

 

[PR1Berske]

"As Jeremy Hunt sits down, the Office for Budget Responsibility releases its assessment of the autumn statement.

And the topline is that chancellor Hunt has received a windfall of £27bn – and spent almost all of it.

That windfall comes because borrowing so far this financial year has been lower than expected, partly because high inflation has lifted tax receipts. But departmental spending budgets are not inflation-linked, so did not automatically rise in response.

The OBR says:

The economy has proved more resilient to the shocks of the pandemic and energy crisis than we anticipated. But inflation has also been more persistent and interest rates higher than in March.

Higher inflation boosts tax revenues but also welfare benefits while higher interest rates push up debt servicing. But because departmental spending is left largely unchanged, this delivers a net fiscal windfall of £27 billion.

The Chancellor spends virtually all of this on a 2p cut in NICs, permanent tax relief for business investment, and further welfare reforms, leaving debt falling by a narrow margin in five years.""

 

[Smangus]

If he’s removing Class 2 NICs, does that remove the cheap way to get your NIC record up to full pension allowance, for the unemployed “self-employed”?

It looks like the facility to pay voluntary class2 contributions will remain.

 

[Cerv]

• All alcohol duty frozen until 1 August next year

let the good times roll

 

[skyscraper101]

With the price of a pint as it is, going to the pub is such a luxury these days. Even with no change to the duty, I don't see that changing any time soon.

 

[Buddy Bradley]

Today he is announcing measure for the long-term unemployed, and people who do not work due to sickness or disability.

Under the back to work plan, the sick note system will be changed, to assume that people can work. The work capapablity assessment will be changed. And more support will be offered of people going into work.

The goverment will ask for something in return, he says. If after 18 months of help, there will be mandatory work experience. And if people do not participate, the government will close the case and stop their benefits.

So if you're not sick or disabled enough for them, your options are basically either get a job or die because we're also taking away your medication.