Jeremy Hunt will announce a series of measures to boost Britain’s economy as he delivers his second autumn statement today.
In what will be one of the last key fiscal events before the general election, the chancellor is expected to pledge to “turbo charge” growth.
He is set to claim the economy is “back on track” in the statement, which is expected to prioritise tax cuts.
He will vow to “reject big government, high spending and high tax because we know that leads to less growth, not more”.
The Times has reported that 28 million people would see a cut to their national insurance.
Earlier this month, Hunt said he would address labour supply issues and business investment as he delivers an “autumn statement for growth”.
The chancellor will say in his statement: “After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track. We have supported families with rising bills, cut borrowing and halved inflation.
“The economy has grown. Real incomes have risen. Our plan for the British economy is working.
“But the work is not done. Conservatives know that a dynamic economy depends less on the decisions and diktats of ministers than on the energy and enterprise of the British people.”
Ahead of the statement, shadow chancellor Rachel Reeves has claimed the Conservatives were the party of “high tax”, adding: “Nothing the chancellor says or does in his autumn statement can change their appalling record.”
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08.45 am — Shadow chief secretary to the Treasury Darren Jones appears to welcome the news that a 1 per cent cut to national insurance could be announced.
He said: “A couple of hundred quid off per year will be good, but [people are] still going to be down £3,000 – £3,500 a year.”
However, he noted that “inflation is still double” the Bank of England’s target and the cost of living remains high.
He added: “The fact of the matter is it’s too little, too late… The Tories have failed and they’re not going to be able to turn it around at this stage.”
08.40 am — Jeremy Hunt posted on X (formerly Twitter) yesterday afternoon:
With inflation halved, we can turn to the next phase of our economic plan – boosting our long term economic growth.
Tomorrow, I’ll be setting out an Autumn Statement package that does just that. pic.twitter.com/5aNrLcHU9S
— Jeremy Hunt (@Jeremy_Hunt) November 21, 2023
Halving inflation was the first of Rishi Sunak’s five pledges announced in January this year, politics.co.uk‘s pledge tracker has a full breakdown:
Sunak pledge tracker. Is the PM delivering on his ‘priorities’?
08.35 am — Conservative MP Stephen Hammond is asked on Sky News if a cut to national insurance points to an early general election. He responds:
I don’t know. I think what it’s pointing to is that we’re starting to show that after last year, the chancellor and the prime minister have the economy beginning to grow, we’ve got debt falling.
I would have thought, if I were them, they’d want to show that through next year.
He adds: “What would put people off more… is if we were doing irresponsible things today. This [national insurance cut] is a sensible first move that will actually benefit 28 million people.”
08.32 am — Shadow chancellor Rachel Reeves claimed that nothing Jeremy Hunt announces this afternoon “can change the Government’s appalling record” on the economy.
After thirteen years of economic failure, working people are worse off.
Nothing the Chancellor says or does today can change the Government's appalling record.
— Rachel Reeves (@RachelReevesMP) November 22, 2023
08.30 am — Good morning and welcome back to “Politics Live”, politics.co.uk‘s rolling coverage of the day’s key moments in Westminster and beyond. Here you can keep up to date with today’s major parliamentary debates, press conferences and news events in real time.
Here’s what’s happening today:
- Chancellor Jeremy Hunt will deliver his Autumn Statement
- Prime minister’s questions will talk place from 12.00 pm
Stay with us and we’ll bring you all the latest developments as they unfold.
