Overview

• 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.