Autumn Statement 2023 live: Chancellor Jeremy Hunt announces national insurance cut - latest updates
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The Chancellor Jeremy Hunt has announced cuts to national insurance as he declared the economy is "back on track" in the 2023 Autumn Statement.
He delivered the government's plans for the economy today in the House of Commons, and also announced business tax cuts, benefit increases and pension reforms. The economy has been stagnant with inflation rampant over the last year, while Liz Truss' disastrous mini-Budget sent mortgage rates spiralling.
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Hide AdThe Chancellor now believes he has more headroom after the government hit it's own self-imposed target of halving inflation this year. He said: "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.” Rishi Sunak will hope this gives him a boost with lagging poll ratings.
Follow the latest updates, news and analysis on the Autumn Statement on our live blog below.
National Living Wage rises
The government made an early announcement yesterday, increasing in the national living wage from £10.42 to £11.44 from April.
This will help almost three million workers, and the policy has also been extended to cover workers aged 21 and over, rather than 23 and over.
Hunt said: “Next April all full-time workers on the National Living Wage will get a pay rise of over £1,800-a-year.
"That will end low pay in this country, delivering on our manifesto promise. The National Living Wage has helped halve the number of people on low pay since 2010, making sure work always pays.”
What time is the Autumn Statement 2023?
The Autumn Statement will be today (Wednesday 22 November) after Prime Minister's Questions in the House of Commons. PMQs starts at 12noon and usually lasts around 30 minutes, so Hunt will likely start speaking at around 12.30pm. Rachel Reeves, Labour's Shadow Chancellor, will then respond around 1.30pm and there will be a wider debate amongst MPs. You can watch the Autumn Statement live on this blog and keep an eye on NationalWorld's politics page for all the reaction and analysis.
Welcome to NationalWorld's coverage of the Autumn Statement
Good morning and welcome to NationalWorld's live blog on the Autumn Statement. I'm NationalWorld's politics editor and I'll be bringing you the latest updates from the House of Commons as Jeremy Hunt announces the government's plans for spending and the economy going forward.
This is the second-biggest fiscal announcement of the year, after the Spring Budget, and often includes decisions on income tax, VAT and benefits - which affect everyone in the country. There has been greater attention on the Treasury's announcements since last year's disastrous mini-Budget and due to the ongoing cost of living crisis. Polling shows this is the main issue for 71% of voters.
Ahead of the Autumn Statement, Rishi Sunak has hinted at tax cuts, but said they need to be made "carefully and sustainably". The Prime Minister said: “We will do this in a serious, responsible way, based on fiscal rules to deliver sound money, and alongside the independent forecasts of the Office for Budget Responsibility. And we can’t do everything all at once. It will take discipline and we need to prioritise. But over time, we can and we will cut taxes.”
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