UK Chancellor Announces Austerity Measures and Tax Cuts in Autumn Statement

Despite touted 'largest ever tax cut for workers', overall tax burden to remain at record high due to continued freeze on tax thresholds

UK Chancellor Jeremy Hunt has announced a new round of austerity measures, including significant cuts to the NHS and other public services, in his Autumn Statement.
The cuts include a £5bn real-terms cut to the NHS, according to Lib Dem analysis, and a reduction in day-to-day spending for NHS England in 2024-25 from £165.9bn to £162.5bn.
Hunt also announced a cut to National Insurance for workers from 12% to 10%, a move touted as the 'largest ever tax cut for workers', but economists argue that the overall tax burden will remain at a record high due to the continued freeze on tax thresholds.
Despite these tax cuts, the overall tax burden is expected to remain at a record high due to the continued freeze on tax thresholds, with the independent Office for Budget Responsibility predicting that these freezes will raise the Treasury £44.6 billion by the end of 2029.
Despite the cuts, the overall tax burden is expected to remain at a record high due to the continued freeze on tax thresholds, with the independent Office for Budget Responsibility predicting that these freezes will raise the Treasury £44.6 billion by the end of 2029.