Jeremy Hunt’s plans to slash taxes in today’s Autumn Statement were given a significant boost after official figures showed Government borrowing was lower than forecast.
Public sector net borrowing stood at £14.9billion last month, £4.4 billion more than a year earlier, but it is £17billion below predictions last March.
The Chancellor has already announced a record wage boost for nearly three million British workers next year.
The National Living Wage (NLW) will increase by over a pound an hour from April. The almost 10 percent pay boost, from £10.42 to £11.44, an hour is the biggest cash increase in the NLW in more than a decade.
FOLLOW BELOW FOR LIVE UPDATES…
‘Disappointing’: Jeremy Hunt may shelve inheritance tax changes as ‘hopes seem to have faded’
Chancellor Jeremy Hunt may postpone announcing changes to inheritance tax (IHT) as the levy is a growing revenue raiser for Government coffers.
IHT receipts from April to October reached £4.6billion, up £0.5billion compared to last year. Income from the levy increased 17 percent in 2022 compared to the year before.
Jack Gill, managing director of Final Duties, said: “There were hopes that we might see a cut to inheritance tax in this week’s Autumn Statement, although these hopes seem to have now faded, with the Government more likely to focus on other tax incentives to better boost their popularity ahead of the next general election.
“This is disappointing given that inheritance tax is arguably no longer a tax on the wealthy and more and more of us face falling foul of it as our estates grow in value and become liable.
“This is largely due to the overstimulation of the property market in recent years which has pushed house prices to record highs. With property forming the majority of the average person’s estate, the increase in the value of their property is pushing them into inheritance tax territory.”
Brexiteer highlights three glaring problems for Jeremy Hunt as he prepares for budget
As Jeremy Hunt prepares for today’s crucial budget, Brexiteer businessman Ben Habib highlighted what he claims are three crucial problems with the Chancellor’s pledge to cut taxes responsibly.
The deputy leader of Reform UK told Express.co.uk: “The first is that Government spending is less inflationary than if we ourselves spend that which is rightfully ours.
“The second is that we are profligate, the Government is not. There is scant evidence for this. Indeed, all the evidence points to Government wastefulness, fraud and ineptitude when it comes to disbursing our cash.
“The third is that the Government is responsible for managing inflation. It is not. That is the job of the Bank of England.”
Millions to see pay rise as Hunt reveals new minimum wage rate – what it means for you
All full-time workers on the National Living Wage will get a pay rise of over £1,800 a year, Chancellor Jeremy Hunt has said.
The National Living Wage will increase by £1.02 an hour from April, the Treasury has announced.
Chancellor Jeremy Hunt said: “Next April all full-time workers on the National Living Wage will get a pay rise of over £1,800 a year. That will end low pay in this country, delivering on our manifesto promise.
“The National Living Wage has helped halve the number of people on low pay since 2010, making sure work always pays.”
What will Jeremy Hunt announce in the Autumn Statement?
Jeremy Hunt is expected to fire up the economy with tax cuts to boost British business today.
Workers on the national living wage will receive an extra £1,800 a year, the largest annual increase since its introduction.
There was also optimism last night that the state pension will increase by the full 8.5 percent expected under the triple lock.
Mr Hunt will tell MPs that he will reduce state intervention and target help at businesses to “get Britain growing”.
He is expected to say: “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.
“Instead we will back British business with 110 growth measures to remove planning red tape, speed up access to the national grid, support entrepreneurs raising capital, get behind our fastest growing industries, unlock foreign direct investment, boost productivity, reform welfare, level up opportunity to every corner of the country and cut business taxes.
“Taken together we will increase business investment in the UK economy by around £20billion a year over the next decade and get Britain growing.”
Hello from Westminster and welcome to our live coverage of today’s Autumn Statement.
Our political team will bring you all the latest analysis, insight and reaction as we get it.
Please refresh this page for regular updates.
- Support fearless journalism
- Read The Daily Express online, advert free
- Get super-fast page loading
Source: Read Full Article