![]() Hunt’s widely trailed national insurance cut will take effect from January, but frozen tax thresholds the chancellor announced at his first autumn statement last year means the Conservatives will be able to demonstrate their attempts to help working people, but low -earning workers may not feel the full benefits. He says this will affect 28 million people, saving someone on the average salary £450.Īletha Adu, political correspondent: While the Tories have achieved their manifesto commitment of eradicating low pay by 2024 with its “national living wage” increase, Tory MPs across all sides of the party will be concerned that they have little to say to their constituents on which measures give them immediate financial relief. This tax cut will be take effect from 6 January 2024, the chancellor says. Hunt says he will cut the main 12% rate of employee national insurance contributions by two percentage points to 10%. Labour’s £28bn “green prosperity plan” is the party’s biggest single spending commitment that has already been watered down.īefore he kicked off with economic forecasts, Hunt hoped to create more distance between the Conservatives and Labour by using the moment to express his horror at the Hamas attack in Israel on 7 October and announc ing up to £7m a year over the next few years for organisations such as the Holocaust Educational Trust to tackle antisemitism in schools and universities. Aletha Adu, political correspondent: The chancellor opens his second autumn statement with a few attempted jabs at the Labour party, saying the government will not give the unions “unaffordable pay offers”, not ban new gas and oil exploration or increase borrowing by £28bn a year. ![]()
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