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Autumn Statement

All articles tagged with #autumn statement

politics2 years ago

UK Pensioners to Receive £18 Weekly Boost as State Pension Sees 8.5% Increase

Chancellor Jeremy Hunt has announced an 8.5% increase in the state pension, amounting to an extra £17.33 per week for pensioners. This increase will be in line with the 'triple lock' policy, which guarantees that pensions rise each April by the highest of average earnings, inflation, or 2.5%. The decision to retain the triple lock has faced criticism, with some arguing that pensioners are already better off than working-age people. The increase is expected to cost the Treasury £2 billion per year. Additionally, Hunt plans to cut National Insurance, make a tax break for firms permanent, and increase benefits by 6.7%.

via Daily Mail|
#autumn-statement#jeremy-hunt#pensioners
economy2 years ago

Hunt's Fiscal Balancing Act: Navigating Tax Cuts and Public Finances

Chancellor Jeremy Hunt has not ruled out the possibility of cutting income tax in the Autumn Statement, as he prioritizes economic growth. While tax levels in the UK are at their highest in 70 years, the government is considering reducing taxes on income, inheritance, and businesses. Hunt emphasized the need to remove barriers to growth and put the UK on the path to lower taxes responsibly. The Chancellor's spending plans will be based on the latest economic forecast from the Office of Budget Responsibility, and economists estimate he could have over £10bn to spend on tax cuts as inflation slows.

via BBC.com|
#autumn-statement#economic-growth#economy
economy2 years ago

Jeremy Hunt's Tax Cuts: A Controversial Solution to Britain's Financial Gap

British Chancellor of the Exchequer Jeremy Hunt plans to rely on savers to fill the gap in public finances by increasing the amount expected from National Savings & Investments (NS&I) in the Autumn Statement. NS&I has seen a surge in deposits due to higher interest rates, prompting the savings provider to raise its net funding target. The increased reliance on savers may reduce the need for government debt issuance, with economists suggesting NS&I's funding target could be raised by at least £5bn. The government aims to announce a reduction in UK gilt sales alongside modest tax cuts to boost investment and economic growth.

via Yahoo Finance|
#autumn-statement#economy#jeremy-hunt
economy2 years ago

Jeremy Hunt's Fiscal Policies and Political Strategies: A Closer Look

British Finance Minister Jeremy Hunt has ruled out short-term tax cuts, stating that reducing them now would be inflationary. Despite calls from within the ruling Conservative Party to reduce taxes before the upcoming General Election, Hunt emphasized the need to focus on bringing down inflation. He unveiled other policies, including raising the national living wage and implementing benefit restrictions, as part of efforts to support workers and reduce government spending. Prime Minister Rishi Sunak also highlighted the fight against inflation as a priority, aiming to halve it to around 5% in 2023.

via CNBC|
#autumn-statement#conservative-party-conference#economy