Get Ready for the Autumn Statement with Chancellor Jeremy Hunt
The economic stage is set as Chancellor Jeremy Hunt steps up to announce the anticipated Autumn Statement on Wednesday 22nd November.
Unlike the Spring Budget, we’re not expecting any major announcements. However, here are some things that we think are worth keeping an eye on:
We’re all hoping for tax cuts, but don’t hold your breath just yet. The Government has consistently said that reducing inflation is its primary economic target and the Chancellor might be feeling the pressure to ease the tax burden, but with inflation still sat at over 6%, income tax cuts might be a bit rocky in the short term.
Living Wage Increase
In his speech to the Conservative party conference in October 2023, the Chancellor stated that the National Living Wage for those over 23 will be increased to £11 per hour. While this is not expected to come in to force until April next year it is likely that this commitment will be reaffirmed in the autumn statement.
Hold onto your family heirlooms because the Chancellor might just be shaking things up in the realm of Inheritance Tax. With rumours about a potential cut to the hefty 40% rate or a boost in the £325,000 exemption, the Autumn Statement might be giving us a surprising bonus.
Housing Hopes: New Policies for First-Time Buyers
For all the dreamers out there hoping to step onto the property ladder, Chancellor Hunt is reportedly planning new policies to make it easier for first-time buyers. This could include increasing the Stamp duty thresholds or new first-time buyer schemes. There’s also a potential extension to the mortgage guarantee scheme, allowing buyers to snag their dream home with just a 5% deposit.
We hope this helps you to be a little more informed as Jeremy Hunt takes centre stage on 22nd November. The Autumn Statement is about to unfold, and it’s not one to miss.