JEREMY Hunt will cheer on the Brits in a tie three times today as he freezes drinks duty ahead of the party season.
Joy for drinkers comes with cuts to national insurance for workers and an increase in the minimum wage to £11.44.
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Jeremy Hunt to cheer for cash-strapped Brits three times as drinks duty freeze ahead of party season Credit: PA: Press Association
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That’s a pay rise of more than a pound for more than three million of the lowest paid.
In a major win for our Save Our Sups campaign, beer, wine and spirits duty will not rise – and pubs and bars are likely to see their 75 per cent annual holiday extended.
After being dubbed Scrooge for his miserly management of the public purse, the chancellor will use more than expected borrowing to finally ease the pain in bookies’ wallets.
His deputy has publicly confirmed that a “personal tax cut” is coming today – with NIC rates for both the employed and the self-employed
After three years of festive trade blighted by Covid and then the coup, the move kicks off the Christmas party season as the Tories desperately try to reverse their poor poll ratings.
Mr Hunt said: “I will set out a plan for the economy full of ideas for our long-term growth.”
Last night the Treasury promised to “boost economic growth in the UK, while cutting taxes and continuing to tackle inflation”.
With the triple lock unchanged, the state pension is also set to rise by 8.5 per cent, keeping pace with the usual income measurement.
Benefit claimants are expected to receive allowances in line with September inflation of 6.7 per cent.
The chancellor considered choosing a lower inflation figure of 4.6 per cent for October as it would save the government around £3bn.
But that carrot will come with a thick stick.
Britons with mobility and mental health difficulties will be told their benefits could be cut by almost £4,680 if they don’t look for work-from-home jobs.
It will apply to all new benefit claimants from 2025 and existing ones will be given guarantees that their entitlement to benefits will not be reassessed if they claim work from home.
It said the decision was based on evidence that more than half of those in the group of 2.4 million sick and disabled people who want to work do not because they are worried they will be reassessed if they fail.
Mr Hunt revealed last night that his twice-yearly update of the government’s finances will also boost business investment by £20bn a year.
Businesses will see the relief scheme which allows them to claim every penny they invest against their tax bills also become permanent at a cost of more than £10bn a year.
Mr Hunt will tell MPs at 12.30pm in the House of Commons today: “Following the global pandemic and energy crisis, we have taken tough decisions to get our economy back on track.
“We supported families with growing bills, reduced borrowing and halved inflation.
“The economy has grown. Real incomes have increased. Our plan for the UK economy is working.”
And despite the biggest tax burden in peacetime and monster public spending during the pandemic, he will claim: “In today’s Autumn Growth Statement, the Conservatives will reject big government, high spending and high taxes because we know this leads to less growth, not more.”
And it will promise to “support British business with 110 growth measures to cut planning red tape, speed up access to the national grid and support entrepreneurs to raise capital.”
With the business relief programme, the chancellor will claim it will boost business to the tune of “£20 billion a year over the next decade and drive Britain to grow.”
Mr Hunt was handed a boost ahead of his financial report as figures showed borrowing was £16.9bn less than expected this year.
It is also expected to unveil a dramatic increase in taxes due to higher wages and frozen income tax brackets that led to a huge loss last year for the Treasury.
Both gave the chancellor extra impetus for today’s autumn statement to offer sweeteners to the public by cutting personal taxes.
Responding to the news that alcohol duty will remain frozen, Emma McClarkin, chief executive of the British Beer and Pub Association, said: “Publicans and brewers will be raising a glass to The Sun as they lead the Save our Sups campaign together with the British Beer and Pub Association to freeze duty on beer and extend discounts on business rates.
“This is a real lifeline from the Chancellor to the beer and pub sector and I congratulate The Sun on a great, timely and successful campaign.”
Hit the targets
The government also met its goal of annual borrowing not exceeding 3 percent of GDP in five years.
It comes despite official figures showing public sector borrowing was £98bn between April and October, up £22bn on the same period last year.
Last night, senior Tories urged No 11 to hold their nerve and ensure Britons feel the rewards of record tax and better-than-expected finances.
Former minister David Jones said: “We need to give individuals a break when it comes to personal tax. Now is the time to deliver and I think Jeremy Hunt understands that.”
Former minister Kevin Foster said: “The British people see us as a party of aspiration and the ability to keep more of the fruits of their own labour.
“It is important that Jeremy reaffirms this in the Autumn Statement, by cutting taxes and boosting economic growth that benefits everyone,” he added.
Ruth Gregory, of Capital Economics, expects the Office for Budget Responsibility to find the government has a “decent buffer” after setting its fiscal rules.
She added: “As the election approaches, the chancellor will certainly not be able to resist the temptation to reveal the pre-election hype.”
Last orders
JEREMY Hunt is finalizing his autumn statement ahead of today’s announcement.
The Chancellor and his team met in Number 11 yesterday, but unlike his predecessor Rishi Sunak – who wore a hoodie – Mr Hunt conducted the meeting in his suit and tie.
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The chancellor is finalizing his autumn statement
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