Taxes on personal income fall in the autumn statement
Taxes on personal income are set to fall in Wednesday’s Autumn Statement and will be reduced again in the Spring Budget as the Chancellor focuses on low and middle income working families.
That Politics at Jack and Sam’s podcast, by Sky News and Politico, reveals that the overwhelming focus of the Autumn Statement will be on helping struggling families with the cost of living and boosting growth.
The chancellor Jeremy Hunt told Sky News this morning that on Wednesday he wanted to set out a “path” to reduce overall taxation.
This will probably mean a reduction in the tax burden both on Wednesday and next year.
This week’s autumn statement is all but wrapped up with decisions on measures such as inheritance tax – which will be a minimal part of the statement if anything – all taken before the row over the tax in the last few days.
Lowering tax on take-home pay is unlikely to be done by cutting the basic rate of income tax, which the Treasury suggested at the start of the year was less effective – in terms of the cost of the amount saved to individuals – than other measures.
For more on this fall’s opinion, please listen to Politics at Jack and Sam’s above or download wherever you get your podcasts.