UK Chancellor Jeremy Hunt Cuts National Insurance and Makes Business Investment Tax Relief Permanent

UK chancellor Jeremy Hunt has cut national insurance by two percentage points and made business investment tax relief permanent, as he put a £20 billion tax giveaway at the heart of his autumn statement. Mr Hunt claimed the UK economy was “back on track” and that his package of tax cuts would boost growth without imperilling the fight against inflation.

In a highly political statement, Mr Hunt said he would cut the main rate of national insurance by 2 points to 10 per cent from January 6th, with a cost of about £9 billion. The other big measure saw Mr Hunt make permanent the “full expensing” capital allowance regime, at a cost rising to £11 billion. He said it would give Britain “one of the most generous tax reliefs anywhere in the world”

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UK Chancellor to Announce Tax Cuts and Push for Business GrowthUK 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.
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