Autumn Statement Explained: Tax Cut Giveaway or ‘Stagnating’ UK?

November 22, 2023 Ukadmin UK Economy, UK News, UK Politics

</p> <h2>Autumn Statement explained: tax cut giveaway or ‘stagnating’ UK?</h2> <p> The Chancellor has promised a ten billion pound giveaway ahead of next year’s General Election – along with what he called “the biggest business tax cut in modern history”.</p> <p>National insurance will be cut from 12 % to 10 % from January. The business tax break for expensing plant and machinery spending is here to stay. Benefits will rise in line with inflation, and the state pension by 8.5 %, though those who refuse to seek employment could lose access to some assistance.</p> <p>But the Office for Budget Responsibility analysis paints a different picture. The overall tax burden is still rising – set to reach a new post war high of 37.7%. Inflation will be higher than previous forecasts through to late 2025. Growth has been revised down from 2024 and we’re facing the biggest drop in living standards since records began.<br /> Credit to : Channel 4 News </p> <p>