The government announced tax cuts during the new fiscal plan

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.