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The News Agents
Is Jeremy Hunt really cutting our taxes?
Nov 22, 2023
Jeremy Hunt, Chancellor who claimed to have cut taxes, discusses the Autumn Statement and whether taxes have truly been reduced. The podcast analyzes the budget, measures announced, and Labour's response. The timing and political strategy of implementing policies and its impact on the upcoming election are discussed. Additionally, the strategic shifts in tax cuts by Sunak and the potential durability of these changes are explored.
33:09
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Quick takeaways
- The Autumn Statement delivered major tax cuts, including the largest ever cut to employee and self-employed national insurance, but the impact of fiscal drag offsets these cuts, making the overall tax burden higher.
- The Chancellor's autumn statement aimed to shape both the political and economic landscape leading up to the next general election, but the economic growth forecasts were lower than predicted, revealing a discrepancy between the political and economic narratives.
Deep dives
Major tax cuts and changes announced in the autumn statement
The autumn statement delivered major tax cuts and changes, including the largest ever cut to employee and self-employed national insurance, and the biggest package of tax cuts since the 1980s. The key highlight was the reduction of employee national insurance contributions from 12% to 10%, benefiting 27 million individuals. Another significant tax cut was the business tax cut related to full business expensing. Businesses investing in capital assets can now deduct the cost from their tax payments. These measures were presented as a big tax-cutting budget. However, experts argue that the impact of fiscal drag, where more people enter higher tax brackets due to inflation, offsets these tax cuts, making the overall tax burden higher.
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Discover
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