JEREMY Hunt will today announce a boost to bars, pubs and Brits as he reveals duty freezes, tax cuts and benefit rises.
In today's Autumn Statement, the Chancellor is expected to use the country's improved borrowing numbers to announce a "personal tax cut" for working Brits, as well as a boost to the minimum wage to £11.44.
This comes as the Treasury vowed to “turbo-charge economic growth in the UK, while cutting taxes and continuing to bring down inflation.”
Meanwhile, Brits on benefits who can work but refuse to look for employment will be told they could face losing freebies.
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.”
Read our Autumn Statement blog below for all the latest news and updates…
-
By Henry Moore
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.
-
By Henry Moore
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.”
-
By Henry Moore
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.
-
By Henry Moore
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.
CASH IN Millions on benefits including Universal Credit to get up to £600 payment boost
-
By Henry Moore
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.”
-
By Henry Moore
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.”
-
By Henry Moore
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.
THREE CHEERS Hunt to freeze alcohol duty, hike minimum wage and cut NICs in mini-Budget
-
By Henry Moore
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."
Source: Read Full Article
-
By Henry Moore
