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The Autumn Statement 2023
The Chancellor of the Exchequer set out this year’s Autumn Statement, which included plans to grow the economy with a plan to simplify and cut taxes for the self-employed, on the 22nd of November to a mixed reaction.
The Autumn Statement is when the government updates the Commons on the state of the economy and announces tax and spending decisions.
Jeremy Hunt set out growth measures to back British business and measures to make work pay.
Caroline Horill, Conservative Councilor for Wonston and Micheldever, thinks that the recent statement is exciting and believes Jeremy Hunt was clear in trying to bring us as a country forward.
National Insurance has been cut from 12% down to 10% and for those that are self-employed, this number drops to 8%. The National living wage was also raised to £11.44 from £10.42.
Caroline Horill said: “The increase in Living Wage is good for those in low-income families here in the Winchester area as well as students.
“[It’s] a real positive that the national insurance has been reduced […] business have been crying out for support and needed this and the incentives to push on.”
However, Lib Dem Leader of Winchester City Council, Martin Tod called the statement was “pretty disappointing” and said that there was “nothing to give us confidence that things will improve”.
Mr Tod said: “From a council point of view, there wasn’t a huge amount that affected us here but what were more concerned about is how it will affect people in Winchester. The tax rise is the highest tax burden that we can remember.
“People here want to see investments into the NHS and see the rivers get cleaned up.”