Here’s a summary of what’s to come.
Energy support scheme
- There will be a freeze on energy bills, with hopes this will reduce inflation by 5 percentage points
- The government’s energy support scheme is expected to cost £60bn for the six months from October
- The government will expand the supply side of the economy through tax cuts to target economic growth of 2.5% per year
- Costings are yet to be published
- The Office for Budget Responsibility will publish a full economic and fiscal forecast before the end of the year
- Next year’s increase in corporation tax from 19% to 25% will be cancelled, remaining at 19%
- Reversing the tax rise will put £19bn a year back into the economy
- The Office of Tax Simplification (OTS) will be winding down
- Planned increases in duty rates for beer, wine and cider will be cancelled
- VAT-free shopping for overseas visitors
- Rules around universal credit will be tightened, reducing benefits if people don't fulfil job search commitments
- Jobseekers over 50 to be given time with work coaches to help them return to the job market
- The higher rate 45% band of income tax will be removed
- The basic rate of income tax will be cut from April 2023 from 20% to 19%
- The year's national insurance increase will be cancelled from 6 November
- To be cut for property buyers in England and Northern Ireland
- No stamp duty on the first £250,000. This rises to £425,000 for first home buyers
- This will be permanent, effective from today
- With plans to ‘reaffirm’ the UK as a leading financial centre, the bankers’ bonus cap will be scrapped.
- A package of regulatory reforms are the set out in the coming months
Infrastructure and investment planning
- 38 investment zones will be created with tax breaks for businesses, including the Tees Valley, West Midlands, Norfolk and the West of England
- Tax cuts and liberalised planning rules to be offered to release land for housing and commercial use
- Investment zones offered measures such as no business rates and stamp duty waived
- Plans to streamline regulations and remove EU-derived laws will be brought forward, with a key list of infrastructure projects ‘prioritised for acceleration’.
- The government will legislate to tackle ‘militant trade unions’ from closing down key infrastructure through strikes.
- The proposed laws will mean unions have to put pay offers to a member vote, to ensure strikes can only be called once pay talks have genuinely broken down
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