Dehenna Davison Instagram – Today the Chancellor delivered his Autumn Statement.
He set out his plans to drive growth in the decade ahead – a crucial task to get our economy firing on all cylinders! There are over 110 announcements today, and lots to unpack.
Here are my top 5:
✂️ Cutting national insurance
By cutting the main rate of National Insurance Contributions from 12% to 10% from 6th January. That means a £450 tax cut for the average worker!
🛍️ Cuts to business taxes
Making full expensing permanent is the biggest business tax cut in modern British history – crucial for getting our businesses investing, boosting growth, and creating good quality jobs. We are also cutting national insurance for the self employed.
💷 Boost the National Living Wage to record levels
The National Living Wage will be increased by 9.8%, taking it to £11.44 an hour, benefiting 2.7 million of the lowest paid workers. And this rate will be extended to everyone over 21.
🍺 Freezing alcohol duty
The hospitality sector has faced significant pressures over the past few years, so many of us have been pushing the Government to do all they can to support them. As well as extending the 75% business rate reduction for another year, alcohol duty will be frozen too to keep the cost of a pint down. Cheers to that!
🏠 Helping the most vulnerable.
1.6 million of the families most struggling with the cost of living will have their Local Housing Allowance increased, with an average boost of £800. And benefits will be increased by 6.7% (matching inflation) to reflect cost of living pressures.
💼 Get people into work by reforming welfare
More support will be offered to those on benefits to get into work, including exploring flexible working and working from home opportunities. After 18 months of support, if they refuse to engage in finding work, their benefits will be stopped. *This seems to me like a fair approach, but I’m writing to the DWP to ask what this will mean for those with genuine chronic conditions.*
To find out more, visit: https://www.gov.uk/government/publications/autumn-statement-2023 | Posted on 22/Nov/2023 22:51:59
