BBC News 22 November 2023
- Chancellor Jeremy Hunt is unveiling the government's tax and spending plans in the House of Commons
- -He cuts National Insurance paid by employees from 12% to 10%, taking effect from 6 January
- It currently charged at 12% on earnings between £12,571 and £50,271 - and 2% on anything above that
- -The state pension will increase by 8.5% from April 2024 to £221.20 a week, as the government honours the triple lock "in full"
- -Universal Credit and disability benefits will increase by 6.7%, in line with September's inflation rate
- -Hunt also makes permanent a tax break for businesses that allows them to save on corporation tax by investing
- But the economy is forecast to grow slower than expected - 0.7% next year instead of the 1.8% previously forecast by the independent watchdog
- Labour says none of Hunt's announcements will change what it calls the Conservatives' "appalling record" on the economy
