A Conservative tax cutting Autumn Statement

I have been pushing for cutting taxes for some time and had previously written to the Chancellor and Prime Minister about this.

Pleased to see in the Autumn Statement tax cuts for millions of British people.

Here is a summary below:

  • In the Autumn Statement, I was pleased with the cut in National Insurance Contributions from 12% to 10%. This will mean a tax cut for 27 million people. A tax cut of £450 for the average worker earning £35,000.
  • Great news that the pension triple lock is protected, meaning an average of £900 per year boost.
  • Great news for the self-employed. The Government is abolishing an entire class of NICs & cutting the rate of the NICs top rate from 9% to 8% – an average total saving of around £350 for someone on £28,000.
  • The Government has given a huge boost for SMEs in the Autumn Statement by freezing their business rate multiplier again. This will save an average shop £1,650.
  • The Autumn Statement included the biggest business tax cut in modern UK history. For every pound a business invests, its taxes are cut by up to 25p. This will generate £3 billion of additional business investment each year.