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Newscast
Autumn Statement: Are Taxes Really Getting Cut?
Nov 22, 2023
Faisal Islam and Rain Newton-Smith join Adam and Chris to discuss the Autumn Statement and tax breaks, as well as the implications for the economy and overall tax burden. They also speculate on the timing of the next general election and share some lighthearted news about a stolen Newscast mug.
31:39
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Quick takeaways
- The autumn statement included significant tax cuts for both employees and the self-employed, aiming to encourage people to work more and earn more, ultimately boosting the economy.
- The permanent implementation of full capital expensing was announced as the biggest business tax cut in modern times, incentivizing investment and driving sustainable growth.
Deep dives
Tax cuts and national insurance changes
The autumn statement included significant tax cuts, particularly in national insurance contributions for both employees and the self-employed. These cuts were touted as the largest ever and the biggest since the 1980s. Economists see the reformist cancellation of a certain aspect of self-employment national insurance as a positive tax cut, encouraging people to work more and earn more. This shift towards worker-focused tax cuts is considered to help increase the supply of work and workers, boosting the economy. Additionally, there was a focus on business tax cuts, including the permanent implementation of full capital expensing, seen as the biggest business tax cut in modern times.
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