What to Expect in the Autumn Statement…
Jeremy Hunt is up at the despatch box at 11.30 this morning to deliver his autumn statement, although as usual, virtually the entire thing has been briefed out already so everyone and the markets have had enough time to brace themselves for the misery. Don’t expect any “rabbits out of the hat” has been Jeremy’s mantra for the past week…
Here are the headline measures to expect:
- Freezing the basic and higher rate income tax thresholds until 2028.
- Cutting the additional rate from £150,000 to £125,000.
- Allowing council tax hikes of up to 5%.
- Freezing inheritance tax thresholds.
- Raising energy company windfall tax from 25 to 35 percent, extended until 2028.
- Cutting capital gains tax allowance from £12,300 to £6,000
- Raising dividend tax rate across all three bands and cutting tax-free allowance to £1,000.
- Average energy bills expected to rise from £2,500 to £3,000 from April
- Raising benefits in line with inflation.
- Protecting the triple lock on pensions.
- Freezing Employer NI threshold until 2027-2028.
- Second £150 disability cost of living payment in April.
- Raising national living wage to £10.40 an hour.
The statement is expected to last an hour. It’s going to be a long morning, and if any of the senior Tory MPs Guido’s spoken to go public with their concerns that Rishi and Jeremy are destroying the country’s chances of growth, it’ll be an even longer week…