The Chancellor hailed yesterday’s Autumn Statement as a tax cutting statement designed to get people back into work. The changes are perhaps not significant but do give some indication that there may be more tax cuts on the way next year in advance of a general election.
On the back of improved economic forecasts and falling inflation According to the OBR, the Chancellor had financial headroom of around £27bn, almost all of which he spent in three
areas: a 2% cut in NICs, permanent tax relief for business investment, and further
welfare reforms, “leaving debt falling by a narrow margin in five years”.
As well as the headline changes above the government has also made increases t universal credits, a 'triple lock' to progressively increase state pensions, and changes to 'Incentivise work for benefits claimants', to encourage claimants to work.
Please read our full Autumn Statement summary to see what the measures mean for you and your business.
Autumn Statement Summary
