Loading...News / The government announced tax cuts during the new fiscal plan
On November 22, Chancellor of the Exchequer Jeremy Hunt made an “Autumn Statement”. In the new Autumn Statement, the head of the Ministry of Finance emphasized that the main goal of the government for the coming year is to stimulate the British economy and reduce taxes for the population.
During a speech in the House of Commons, Hunt said the government aims to continue to tackle inflation and the UK’s cost of living crisis. For example, the National Insurance Contribution will be reduced to 10% from January next year. The tax is now 12% on income between £12,571 and £50,271 and 2% on income above.
There will also be an 8.5% increase in the state pension from April 2024. Hunt said the government will raise disability benefits and a number of other social benefits. Among other important innovations, the Chancellor announced the introduction of relief for companies and businesses on taxes on investment.