Earlier today, the Chancellor delivered his Autumn Statement to Parliament setting out measures to help working people, create more jobs and grow the economy.
The Chancellor announced a total of 110 measures, including:
- Employee National Insurance tax cut from 12% to 10% for 27 million working people from January. For a worker on the average salary of £35,400, they will keep £450 more of what they earn per year.
- Triple lock maintained for pensioners and benefits to rise in line with inflation. The Local Housing Allowance will increase to continue supporting families with the cost-of-living.
- The National Living Wage will rise, giving a boost of £1,800 to the average annual earnings of a full-time worker, and the Back to Work Plan will help over a million people start, stay, and succeed in work while ensuring tougher consequences for those choosing not to.
- Alcohol duty frozen until August.
- Class 2 NIC's scrapped, simplifying taxation for the self-employed and cutting the rate of the NICs top rate from 9% to 8% – with an average total saving of around £350 for someone earning £28,000 a year.
Commenting, Leo said: "The announcements made today by the Chancellor will help families across the Aldershot constituency by cutting tax and rewarding hard work.
"After a couple of difficult years with the pandemic and very high energy prices, the Government's plan for the economy is working; inflation is down, the economy is growing and wages are up."
"Todays measures cut red tape, reward effort, and will help hard-working families, and not least those on the lowest incomes."
Find out what the Autumn Statement means for you here: https://tinyurl.com/AutStat2023