Chancellor Jeremy Hunt promises to ‘get Britain growing’ with tax cuts for 28m people in Autumn Statement

22 November 2023, 00:16 | Updated: 22 November 2023, 09:31

Chancellor Jeremy Hunt prepares for the Autumn Statement 2023
Chancellor Jeremy Hunt prepares for the Autumn Statement 2023. Picture: HM Treasury
Kieran Kelly

By Kieran Kelly

Jeremy Hunt is set to unveil a series of tax cuts in today's Autumn Budget, with 28 million people to reap the benefits.

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The Chancellor is prepared to reduce headline rates of national insurance in Wednesday's Autumn Statement, The Times reports.

The Budget also expected to include a £10 billion-per-year tax break for companies that invest in equipment and technology.

It will represent the biggest tax cut in 50 years for businesses.

Follow the latest Autumn Statement news on Global Player, the official LBC app

The Chancellor Jeremy Hunt will unveil his Autumn Budget today
The Chancellor Jeremy Hunt will unveil his Autumn Budget today. Picture: Getty

It comes as the Bank of England continues to predict stagnant growth in the UK economy next year, the Chancellor's statement set to focus on backing business.

The Government has already announced an increase in the national living wage, up from £10.42 to £11.44 from April, with the policy also extended to cover workers aged 21 and over, rather than 23 and over.

Read More: PM teases 'careful' tax cuts ahead of this week's Autumn Statement but says there are no 'fairytale' answers on economy

Read More: Autumn Budget tax cuts would be 'politically risky' for Tories, top economist tells LBC

It will mean a £1,800 annual pay rise next year for a full-time worker on the living wage, while 18 to 20-year-olds will receive a £1.11 hourly rise to £8.60.

Treasury Chief Secretary Ms Trott had already indicated that workers could be in line for a tax cut. She said that the Government would focus on "cutting taxes for individuals".

Rishi Sunak
Rishi Sunak. Picture: Getty

The Government's approach to cutting taxes is expected to be coupled with a bid to get people off benefits and into work.

Prime Minister Rishi Sunak plans to launch a 'work from home' drive in a bid to get sick Brits off benefits and into a job.

Under the plans, which will be launched as part of a series of measures in Wednesday's Autumn Statement, hundreds of thousands of disabled Brits will be told to look for jobs they can do from home.

That includes Brits with mobility and mental health problems.If not, they could have their benefits reduced by nearly £4,700 a year. It will apply to all new benefit claimants from 2025.

Meanwhile, existing claimants will reportedly be given assurances that their right to benefits will not be re-assessed if they look for a job they can do from home.

'Is he making excuses or promises - which is the PM better at?': Nick Ferrari challenges Chief Secretary to the Treasury Laura Trott

Speaking to LBC's Nick Ferrari at Breakfast, Chief Secretary to the Treasury Laura Trott claimed Rishi Sunak is making progress on all five of his pledges.

When it was put to her that the Prime Minister has failed to deliver on most of the promises he made at the start of the year, Ms Trott told Nick: "I would refute that."

She said halving inflation was "a really important delivery", that "over the course of the year we have seen growth", and that small boat crossings "are down significantly".

"They were not easy targets, but they are ones where we have made progress on every single one," she said.

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