'We'll reduce debt, cut tax and reward hard work'

MILLIONS of hard-working Britons were handed a boost to their bank accounts as Jeremy Hunt started chiseling away at taxes to drive economic growth.

- Martyn Brown

In a much-needed pre-Christmas giveaway, the Chancellor slashed. National Insurance and business taxes while increasing benefits and the minimum wage to help struggling families.

Mr Hunt used his crunch Autumn Statement to give 27 million workers a major helping hand by cutting NI from 12% to 10%, starting in January.

It will save a worker on a salary of £35,000 more than £450 a year, £520 for the average nurse, and £630 for the typical police officer.

NI is also being slashed for the self-employed with Class 2 contributions abolished and Class 4 reduced together helping two million workers to £350 each.

Duties on beer, wine, and spirits, and pubs and bars are being frozen with boozers having their 75% business rates holiday extended.

Mr Hunt said the decision to axe VAT-free shopping for tourists visiting the UK could be reviewed.

The Local Housing Allowance was also unfrozen, giving 1.6 million households an average of £800 extra support with rent next year.

The changes announced in the Autumn Statement, which reduce the tax burden by 0.7 percent, made possible were by bigger-than-anticipated tax revenues and easing inflation.

Package

Delivering his statement to a packed Commons chamber Mr Hunt vowed to "reduce debt, cut taxes and reward work", measures he said would get Britain "back on track".

He added: "We have delivered the largest ever cut to employee and self-employed National Insurance and the biggest package of tax cuts to be implemented since the 1980s.