UK Autumn statement: Key announcements by Chancellor Jeremy Hunt

British Chancellor Jeremy Hunt is aware that high taxes damage growth, so he doesn’t want to burden those who earn less.

Those who make more will be giving more, is what the motto is for UK Chancellor Jeremy Hunt. Hunt plans to curb debt and decided that public sector borrowing would be below 3% of GDP in a rolling five-year period.

Companies would be paying 35% of their profits on the electricity or energy front. Earlier it was proposed at 25%, and this will be from the 1st of January 2023 to March 2028.


Electricity generators would have a tax of 45%, which is new, on companies that provide power to both households and businesses. Electric cars are not exempt from tax anymore and would have to pay an excise duty from April 2025.

Jeremy Hunt proposed £2.4 billion on school investments per year, and the budget for NHS has been increased by £3.3 billion. Secretary Hewitt has been asked to advise how the new integrated care Boards would work efficiently. Overall, an £8 billion package has been allocated for the social care system.

There is an ongoing stop on drawing personal allowance from income tax, national insurance and inheritance tax for two more years. Personal income allowance also has been reduced from £2000 to £1000 next year and going down further to £500 the following year. 12 Tory MPs signed a petition to reduce fuel duty.

FAQs

Jeremy Hunt is an MP representing which area?
South West Surrey.

Which college is Hunt an Alumni from?
Magdalene College (Oxford)