Autumn Statement 23: Jeremy Hunt cuts NI for 27 million people
The new measure will be implemented from 6 January 'so people can see the benefits in their payslips from the start of the New Year'.
Speaking in the House of Commons, Hunt said after tax income has risen by 25% but the Conservatives have «delivered the biggest business tax cut since the 1980s».
Thenew measure will be implemented from 6 January «so people can see the benefits in their payslips from the start of the New Year». He said the changes mean someone on an average salary of £35,000 will save more than £450 a year.
Autumn Statement 23: GDP forecasts 'slashed' as inflation expectations climb
«There are high employment taxes on 27 million people, which is dis-incentivising the hard work we should be prioritising,» Hunt told MPs.
«Lower tax means higher growth,» Hunt said. He said «difficult decisions» were made to put the UK's economy back on track, which the government has succeeded in doing as the «economy has grown».
«The Office for Budget Responsibility say these measures will reduce inflation next year,» he added. «Today's measures remove barriers for investment.»
Hunt's 110 measures were announced in the Autumn Statement this afternoon, in which he addressed the nation on his plans to «turbo charge» growth in the economy.
«Real incomes have risen rather than the predicted fall. It was predicted that the economy's growth would drop 1.4%, instead it has grown and is expected to rise by 0.6% this year,» Hunt said.
Hunt and Prime Minister Rishi Sunak both said recently that personal tax cuts were likely, with the economy «turning a corner».
Newly-appointed deputy at the Treasury Laura Trott said on Tuesday (21 November) that the chancellor is expected to cut tax for individuals as well as businesses.
Quilter tax
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