Personal income taxes are set to fall in Wednesday’s autumn statement and fall again in the spring budget, with the chancellor focusing on working families on low and middle incomes.
THE Politics at Jack and Sam The podcast, from Sky News and Politico, reveals that the autumn statement will be largely focused on helping families struggling with the cost of living and boosting growth.
The chancellor Jeremy Hunt told Sky News this morning that he wanted to set out a “pathway” on Wednesday to reduce overall taxation.
This will likely mean a reduction in the tax burden on Wednesday and next year.
This week’s autumn statement was virtually supplemented by decisions on measures such as inheritance tax – which will make up only a minimal part of the statement – all taken before the row over tax in recent days .
It is unlikely that net pay tax can be reduced by reducing the basic rate of income tax, which the Treasury suggested earlier this year was less effective – in terms of cost for the amount saved for individuals – than other measures.
To hear more about the fall statement, please listen to Politics at Jack and Sam’s above or download wherever you get your podcasts.