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Nov 2023

Tax cuts main thrust of Autumn Statement

Tax cuts main thrust of Autumn Statement

The main rate of National Insurance is to be cut from January 2024, boosting incomes for both employees and the self-employed. Chancellor Jeremy Hunt’s Autumn Statement announces National Insurance payments will be cut from 12% to 10% for employees and from 9% to 8% for the self-employed. As part of a £20 billion tax cut, the national insurance cuts will take effect from 6 January and come after inflation dropped dramatically this month to 4.6% compared to 10.7% last November.
Richard Donnell head of research and insight at Zoopla, said the housing market is an extension of the wider economy. He said: “Putting more money into take-home pay will help improve housing affordability and support confidence into 2024.”
The Mortgage Guarantee Scheme has been extended to June 2025 for residential first-time buyers and homemovers with small deposits and can be used on homes up to the value of £600,000 but not for new build.

State Pension payments will increase by 8.5%, in line with average earnings and the National Living Wage is to increase from £10.42 to £11.44 an hour, both from 6 April 2024.

The headline inflation is forecast to fall to 2.8% by the end of 2024 and to the Bank of England’s 2% target rate in 2025. The independent Office for Budget Responsibility (OBR) expects the economy to grow by 0.6% this year and 0.7% next year, rising to 1.4% in 2025, then 1.9% in 2026, 2% in 2027 and 1.7% in 2028. The borrowing forecast is to fall from 4.5% of GDP in 2023/24 to 3% in 2024/25, 2.7% on 2025/26, 2.3% in 2026/27, 1.6% in 2027/28 and 1.1% in 2028/29.

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