Nov 23, 2023
Autumn Statement: Jeremy Hunt cuts National Insurance but tax burden still rises
Chancellor Jeremy Hunt has announced a bigger than expected cut in National Insurance in his Autumn Statement. Speaking after his statement to the BBC's political editor Chris Mason, Mr Hunt said the tax cuts announced in it were "Just a start". Mr Hunt said he had come up with "110 growth measures", including £500m for artificial intelligence research, plans for more generous tax relief for TV and film production and £4.5bn over five years to attract investment into key manufacturing industries. Mr Hunt's decision last year to freeze the level of income at which workers start paying National Insurance means millions will be dragged into paying higher rates or be forced to pay the tax for the first time. Writing in The Telegraph, he said: "Of course, I would have liked to have seen more tax reductions, but I fully understand why Mr Sunak and Mr Hunt are taking a cautious approach, given my own experiences last year."
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