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NI and business tax cuts expected in Autumn Statement

  • By Chris Mason & Sam Francis
  • Political editor and political reporter, BBC News

21 November 2023

Updated 4 minutes ago

Image source, HM Treasury

Image caption,

Jeremy Hunt will say his Autumn Statement “rejects” high spending and high tax

The chancellor is expected to announce a cut in National Insurance for millions of workers in his Autumn Statement later on Wednesday.

Jeremy Hunt’s mini-budget will also feature a cut to business taxes and tough new benefit sanctions.

He will also unveil measures to boost business investment by £20bn a year in moves to “get Britain growing”.

The Institute for Fiscal Studies (IFS) says UK tax levels are at their highest since records began 70 years ago.

Labour’s shadow chancellor Rachel Reeves said nothing Mr Hunt says could change the Conservative’s “appalling record” on the economy.

Many Conservative MPs are desperate to see the tax burden eased.

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