UK Chancellor Jeremy Hunt is set to announce a range of tax cuts and push for business growth in his autumn statement this afternoon. The statement comes after Prime Minister Rishi Sunak declared that his government could “begin the next phase and turn our attention to cutting tax” following news that inflation in Britain fell to 4.6% in October from 6.7% in September.
Hunt will reportedly use his autumn statement to reduce headline rates of national insurance and make permanent a £10 billion-a-year (€11.4 billion) tax break for companies that invest in new machinery and equipment. His deputy Laura Trott had already indicated that individuals would benefit from a giveaway as well as measures aimed at boosting business. Hunt’s Commons statement today is expected to contain 110 different growth measures as he seeks to revive the UK’s economy and the Tories’ election chance