Taxes on personal income are set to go down in Wednesday’s autumn statement and reduce again in the spring budget, as the chancellor focuses on low and middle income working families.
The Politics at Jack and Sam’s podcast, by Sky News and Politico, reveals the overwhelming focus of the autumn statement will be on helping struggling families with the cost of living and boosting growth.
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The chancellor Jeremy Hunt told Sky News this morning that he wanted on Wednesday to set out a “path” to reducing overall taxation.
This is likely to mean reducing the tax burden in both on Wednesday and next year.
This week’s autumn statement has all but been completed with decisions on measures like 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.
Cuts to the tax levied on take home pay are unlikely to be made by cutting the basic rate of income tax, which the Treasury at the start of the year suggested was less effective – in terms of the cost for amount saved for individuals – than other measures.
For more on the autumn statement, please listen to Politics at Jack and Sam’s above or download wherever you get your podcasts.