Autumn Statement explained: tax cut giveaway or 'stagnating' UK?
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- čas přidán 21. 11. 2023
- The Chancellor has promised a ten billion pound giveaway ahead of next year's General Election - along with what he called "the biggest business tax cut in modern history".
National insurance will be cut from 12 % to 10 % from January. The business tax break for expensing plant and machinery spending is here to stay. Benefits will rise in line with inflation, and the state pension by 8.5 %, though those who refuse to seek employment could lose access to some assistance.
But the Office for Budget Responsibility analysis paints a different picture. The overall tax burden is still rising - set to reach a new post war high of 37.7%. Inflation will be higher than previous forecasts through to late 2025. Growth has been revised down from 2024 and we're facing the biggest drop in living standards since records began.
In the past 4 years, my average food shopping bill has doubled, my car insurance doubled, my energy bills tripled, my mortgage payments doubled… all in all, I’m about £550 a month worse off than 4-5 years ago with little to no change in my wage.
This NI reduction will save me £32 a month.
They’re deluded if they think this is going to help at all.
They are benefiting again there businesses and corporations that's where the money is going. The whole county is in a mess because of these greedy tossas. Ive noticed they are shoving Starbucks drive thrus everywhere which charges £5 for a coffee and they don't even pay tax. That's where the money is going. The country is ending up like America and you'll have people in tents before long high on drugs because they can't afford medical bills. People are that thick they voted for the Conservatives and have been conned.
It’s not designed to help.
It’s designed so they can say they have made tax cuts.
There's only so much any government in power can do, we will just have to get used to higher costs of living.
@@ggx8427 When I look up this channel it says it has no content, much like the head of the owner of the channel.
Same and mugs will believe they are helping. Vote them out and start having national walkouts the rich have far too much control.
Lol Krishnan asks 'do you think voters are stupid?' 😂😂😂
I think they are thats why we are in this situation.
@@haroonhussain259They must be. They keep voting and expecting something to change. Something changes alright; the colour of the tie the PM wears.
Well they obviously are we've had this for 13 years
The conservative guy's honest answer would have been. I know they are stupid. Why else would people allow Theresa, Boris, Liz and Rishi, 4 of my mates to have trials at the job without an interview. Don't forget we also can leave the job at anytime and give it to our other mates.
@@fredmercury1314 yeah it's shame both parties are fucked
I get why people want Labour but both are scum.
“Do you think voters are stupid?” Yes. As someone who voted Con -servatives, I can confirm us voters are stupid.
The Budget please nobody politically. The left thinks you have sacrificed public services. The right thinks you have not cut enough. Why tax cut? It only makes UK's public finance even worse.
How on earth did they convince you to vote for them?
Yes you are!!
Hopefully you have learned your lesson?
I loathe them. But seriously what is the alternative. Blair the sequel with Sir Keir. Yeah I'll vote for Labour. Only because we are literally between the devil and the deep blue sea. All answer to the same banksters.
The “working class Conservative ARE not stupid …. Their Idiots…!
That’s what he said …😂
It only took them 13 years. Let's not forget that they are currently plotting to freeze and then reduce the minimum wage.
Rubbish
@@timcomley5948It's true, whether you like it or not. Look it up!
Good those uneducated buggers dont deserve anything
How do you know that?
Minimum wage normally goes up ,never heard of a minimum wage going down 🤣
anyone remember when VAT went to 15% for a year before going up to 20% like they were doing us a favour
Thats what they do ... they give a little - then few months later take it back with another hand
If I remember correctly VAT rates were imposed by the EU?? Now we are no longer a member any government can alter them.
@@Noddy656 There were ways to adjust VAT while in the EU such as the tax on female hygiene products. The Tories couldn't be bothered until they left the EU for publicity.
The Tories simply steal money from the 99% to stuff the comets of the already wealthy. Sociopathic behavior!
@@Noddy656 Oh dear. This from Europa website:
Countries must have a standard VAT rate and up to two reduced rates.
The standard VAT rate of an EU member state cannot be less than 15%.
The reduced VAT rate(s) of an EU member state cannot be less than 5%.
So there is alot of wiggle room based on the products or services. Voted Brexit did we?
@@Noddy656 One of the carrots from Boris was that the duty on household fuel could be reduced if we’re out of the EU… I’m still waiting!
You can all have some NI money back. Just don't expect to have a NHS or a decent pension when you need it. Anyway we can all buy private health insurance from a company that's ran by a mate of his or that is a huge contributor to the Conservative party with the extra NI money we all have.
Hit the nail on the head
Spot on! I hate these people.
The sad thing is people will support this and then get angry that their public services aren’t as good.
The period of stagnation being the entire term of tories 14 years
Exactly.
They have been strip mining the country piece by piece since they took back parliament by giving favourable contracts to friends and family.
Serco is a big example of this - they privatised the administration of the NHS, and guess what, a Tory friend benefitted hugely from this, and the NHS admin side has suffered likewise.
@@mnomadvfxmy mate works in the NHS on the admin side it's a total sh*t show.
So much money wasted both inside and outside the admin / management side of the NHS.
We need both more money in and it better spent.
Tory ministers in two phrases.
"I don't care what your question is, this is my answer to the quesion you should have asked."
"I don't care what reality is, this is alt-reality I have been told to sell"
Brilliant from Krishnan as usual. The tories have no shame, lining their own pockets while lying to our faces.
Reducing NI will adversely affect the NHS, what they needed to do was reduce actual tax not National Insurance contributions. Note that it will also affect state pension.
they won't cut NHS budget
most NHS executives have already frozed their spending in anticipation of more cuts@@anglonrx2754
NI isn't ringfenced, it all goes into the same pot. It's just an extra income tax now with a funny name.
But you're right, services will definitely suffer to pay for it.
They are all pooled together anyone - usually cutting income tax and increasing NI since that is more discreet
@@Mikey__R Wrong After NHS contribution is taken out, equivalent to 25% of NIC receipts, the rest is paid into the "annual" NI Fund which IS RINGFENCED. Please download and read the annual National Insurance Fund Accounts Report submitted to Parliament published on the Gov website. That informs you of the rules and that it is ringfenced to be used ONLY for State Pensions and minor contributions based benefits such as legacy JSA etc. The government can borrow surplus and repay with interest at the end of each year. This aspect is all accounted for in the other report to Parliament - National Insurance Fund Investment Account Report & Accounts. The current excess balance in the first is now at about £100 billion and the interest paid on borrowings/investments of that balance this last year was £just about £1.5 billion. I hope that helps.
We will give the poor 10 pence, and the rich £100. We will raise the hourly wage and charge energy double that raise. We will give landlords even more power, and charge smokers and drinkers more " to make them give up"
Sounds like a plan!
Come one useless government officials do what this guy says!
because inevitably that's exactly what's going to happen.
Rich earners give more back
@mikecook1537 😂😂 not really, some keep the money to themselves and that's why this country needs to change. Its called greed!
@@mikecook1537Rich earners don't give more back at all, poor people do because they've been cutting back due to LOW wages so they buy lots more.
@@mikecook1537Oh god you’re not one of them tools who actually believes in TDE are you?
Hunt has scuttled the ship because he knows there will be a new Labour captain after the next election.
Vote reform like myself because Labour will continue the same shite.
@@ab8865Reform are a bunch of charlatans.
@@ab8865you think reform will win? This is a partisan country mate, voting for any other party than red or blue is a waste of a vote
Why would we vote for the racist party?@@ab8865
@@ab8865 Do you take us for fools? Those are Tory: Heavy Duty. They will make things worse! Twice the incompetence, double the apathy, infinitely more delusional.
Raise the tax threshold if you want to help people on low wages. That's been permanently frozen.
Abolishing Class 2 NI is not a give away . It's the opposite. Those contributions are necessary for a full pension. This will hit the low earning self-employed.
Jeremy Hunt is a multimillionaire, ofcourse he and the rest of the tories are doing everything they can to line their pockets before Labour get into power in the next GE
*The Tories are giving us high taxes and crumbling privatised public services. Vote for Labour a party not just for the 1%*
Just worked it out! Me and my husband will be £80.a year better off!! Looking after the rich again.still not got our vote, we are in our 60 s, don't be fooled if you are on low wages. Still no better off!!!
So.... they "cut" taxes because it's good for the Conservative party, not actually the country....
and we cut tax for big companies because they fund our par… I mean for growth
“Great news, we’re covertly cutting funding for state pensions & public services by reducing NI tax. Aren’t you lucky!”
~ Sunak & Hunt
They're not tackling inflation at all, they've introduced no policy that has actually reduced inflation. It's just come down naturally due to the utility companies finally lowering the price of gas and electricity (even though the commodity price went down almost a year ago). Food inflation is still at 10.1%, owner occupier cost (mortgage price inflation) has gone from 5.0% last month to 5.4% and is steadily increasing, the cost of all services only went down 0.1% from September to October from 6.3% to 6.2%. Baisically, the tories are taking credit for inflation going down even though it's only gone down because energy prices have gone down, something that would have happened anyway.
Weird how inflation in America, and other countries, is also bad right now. Almost like it's not the Tories but someone else, causing problems.
@@fredmercury1314UK inflation has been higher and slower to decline than countries like US.
It’s almost like the causes of inflation are multifaceted. And whilst every country is affected by some similar causes, the UK has been further affected by other causes the US hasn’t experienced, causes that are attributable to Tories.
😂 Do you think voters are stupid? Say it like it is ❤ Thank you Channel 4
When do i get to sit down with HMRC to negotiate my taxes like mega-corporations do?
I will get out to low tax or no income tax countries. We only have a choice between high tax Tory or a high tax Labour.
i would love to see one of these interviewers ask for the Tory MP´s suit jacket....rip of the sleeve...hand the sleeve back then spend the rest of the interview trying to convince the MP that they have been extremely generous in giving them a free sleeve
I loved his face during the hubcab analogy. Could not deny it at all.
I'd suggest you need to take an arm and a leg instead.
Sounds better as a sound bite.
After all, it's going to cost an arm and a leg.
Great journalism. Great questions.
oh wow 2% cut for ni but the taxs are still up 8% so.... yeah wow
We've just lost our NHS dentist. I'm struggling to find a new one. I expect that we will have to go private. Private costs will far more expensive than the subsidised NHS service that NI should be paying for. I would rather they keep NI and fund a proper NHS dental service for British families.
NI just goes into the same pot as income tax......... it's just a PR trick to say it's to pay for the nhs and pensions. That's not actually what happens.... All it is is a marketing double tax of wages to trick people into not quite realising the true tax removed from wages
I lost my nhs dentist too after 24 years with my dentist they Suddenly went all private , That I can't afford! After looking and Struggling did Find another nhs dentist but for how long I Wonder !
What's with all the spam comments?
Jeff heavily invested in bots and so it spreads his crypto scam /s
Why is Krishnan asking all the *right* questions though? 💪
Because GBBiesNewseywoosey doesn't, or any other Mainstream Media. Thank you Channel 4.
It feels to me that if tax cuts turbot charged the economy, we'd be the richest country in the world because for 40 years the tax burden has reduced for the very rich and large corporations. What it has actually produced is a country with some very rich people and a lot of people who have a lower standard of living than the people of Poland.
Didnt know amazon had anything to do with todays autumn statement how wrong was i 😂
Majority of UK.. students, part time workers, benefits, OAP, apprentices, new parents live off £600 a month on average enough to last a week in the current climate… they are a bunch of clowns 🤡
Starting to get hooked on this channel. Thank you for asking the questions no one else will 👊
I am reading some of the comments and in shock to see people form the UK going through so much hardship.
And they keep voting in the party that is responsible for it too. Its collective self harm at this point. I don't know why they keep doing it.
"Employee" NI tax cut what about people who pay tax who are not employed (pensioners)?
It was only a few months ago we were worried about people spending and pushing up inflation,,,now they are giving us extra cash,,,I need to do my bit for inflation and UK economy, the extra I have got from reduced NIC, I will put in my savings and not spend it, then when all the businesses are kaput inflation will be defeated...I recall we were once told to buy British...its all so confusing...But Jeremy says Inflation is the enemy of the poor...
The plan is there is no plan!
Just shuffling the deck chairs !
Calm down
"We just want to look like we are doing something while continuing to suck you dry."
FAILURE PRO EU HUNT - CONTINUES TO FLOUNDER / FAIL ….. THE NEWLY CONTRIVED BUDGET, DOES NOTHING TO HELP.
And these children are in charge of us; the system needs changing!
The basic annual salary for an MP from 1 April 2023 is £86,584. MPs also receive expenses to cover the costs of running an office, employing staff, having somewhere to live in London or their constituency, and travelling between Parliament and their constituency. , i can think of other ways we could save money
Excellent reporting. Thanks.
Boris increased NI and ringfenced it for the NHS. Hunt has just taken this away. NHS defunded by stealth.
And there you have it! refuse and actively avoiding the question!
That must be good news. I feel as though I already suck at handling taxes.
11:06 minutes into it. Once again, "We were in a global pandemic." However, all the people and myself who risk themselves on COVID test sites to speed up the economy have just been forgotten about. Disgusting, utter shamefulness.
It's an Amazon bot Festival on the comments section
I know eh wtf is going on
It's ludicrous & disturbing.
Prices raised 100% and you cut 2% off only NI !!!!!
Fantastic news. And here’s me thinking it’s a bribe, what with the GE looming next year 😂😂
Rishi raised taxes by 45% but then also CHeers and Hoorays when it gets cut
I am truely sick and tired of liar..he really does think that the electorate are stupid...😮
The first thing that the government need to do on tax is to cut corporation tax back to 15% or lower to attract money into the UK and boost growth un the economy.
The Tories think working-class are Scum..🤔Can someone tell me why working-class people vote Tories???
The conservative party has wrecked this country
Why are all the comments about the Amazon AMXKAFR? I'm legitimately scared.
Cut the hidden taxes on motorists. The public are being robbed blind.
Fiscal responsibility and Chancellor of the Exchequer are not synonymous.
Lack of living standards relates to the harm done to the economy by austerity and the reduction in real income of the vast majority of households…
Page 2 of Braverman's letter tells you everything you need to know about fishy Rishi and his rat pack government; "You never had any intention of keeping your promises".
“ Debts down”…. Is the Big Lie
I’m a pensioner he’s given me 48£ a month council tax up £20 income tax up £20 elec/gas up £10 a month leaving nothing thanks a lot for nothing.
13 years of gross financial mismanagement, corruption and nepotism, now being window dressed as some kind of public generosity.
liz trust should be in prison
Nothing will save the Tories, they are doomed
He gives them next day he starts to take away
He says labour raised taxes but every remembers that public services (and growth!) were much better under Labour. No one likes tax but it’s taken 13 years for a lot of people to realise that no one likes crumbling schools and NHS waiting lists either.
I actually find it totally despicable that they would try to save themselves with these measures at this point, when they will do nothing to address the decimation of this country. I am happy for you to keep the money, I don’t want it from you.
It doesn't change anything, it's a lie to try and quell the back-benchers / voters
Wow. This is your deadbeat Dad turning up at your door with that toy you wanted after missing your birthday again.
12:10 - The thief analogy 😂
what a damn circus...
Well done Krish.
Governments >>>>>
Raise taxes AFTER election.........
Lower taxes BEFORE election.......
It's disheartening to watch Sunak try his hand at bricklaying. Even without being a bricklayer myself, it's clear he struggles to lay a brick straight. A move to score political points but it ends up making him appear disconnected from reality and incompetent in that regard. What a band of sharks...
“It appeared that there had even been demonstrations to thank Big Brother for raising the chocolate ration to twenty grams a week. And only yesterday […] it had been announced that the ration was to be reduced to twenty grams a week. Was it possible that they could swallow that, after only twenty-four hours? Yes, they swallowed it. [...] The eyeless crature at the other table swallowed it fanatically. passionately, with a furious desire to track down, denounce, and vaporize anyone who should suggest that last week the ration had been thirty grams. Syme, too-in some more double complex way, involving doublethink-Syme, swallow it. Was he, then, alone in the possession of a memory?”
― Orwell George, 1984
They didn't care about our paychecks at the start of this year... oO
This government is now an expensive and dishonest joke.
Also no one should be using food banks people working no food no heat they should stop shops putting prices up every week
The stories will leave British economy in such a mess that Labor will be forced to raise taxes (if they win now… given their loss of support)
We get pennies 'help' and multimillionaires get tens of thousands in 'help'. 😂😂😂
Jeremy hunt a face only a mother could love
That's debatable.
I hope someone invested in the print lol
It’s astonishing that they can’t run a bath
Didn't truss try to introduce tax cuts aswell?
That NI cut is going to do nothing for working class , oh and by the way energy prices are going up AGAIN for a start and i dont see prices in the shops going back down.
It's time for Tory politicians to represent their electorate and not billionaire Tory party donors.
It's time for a household wealth cap for political candidates and MPs of £10 million with those whose wealth exceeds the wealth cap resigning and not being eligible to become MPs.
Smoke and mirror's, as a pensioner I will get a pension rise next April but like everyone else the frozen personnel allowance's will push people into higher tax brackets
The UK is in crisis. Taking out those people who get themselves into a financial mess because they spend irresponsibly (this was me, but I am trying to change), there are so many families genuinely suffering. The Tories don't live in the world of the common man. We pay into the system, yet when it is needed most, we are left with the joke of Universal Credit. Hunt speaks about the self-employed, but leaves a system in place (UC) that doesn't benefit them, unless you get the 12-month start-up period and can claim a lot in expenses. This is all propaganda because the The Tories know they are in trouble. I do not like Labour, but we've ended up in a two-party state now, or a better description is, "Trapped between a rock and a hard place".
does this apply in scotland
C^^T! WHERE'S THAT C^^T!?
Bigger businesses don't know what else to put their excess money into other than stock buybacks and dividends. How would these expand business or increase demand for labour, or wages?
Give us regular people more money, let us spend on products, which then generates revenue for businesses!
nothing for public services
And is anyone bringing up the total of direct and indirect taxation placed upon the hapless individual vs ACTUAL VALUE DELIVERED?!?
Simple answer to this lot Vote Them Out.
We need to end so many taxes as we are one of the most collectively taxed nations on Earth. Move to the US and easily triple your wage with about the one only thing being more expensive is food.
It wasn’t smile, but gleeful
Hang on a minute is this some actually honest journalism from a mainstream media outlet?
The Government's priority is to get debt down! Sure then improving public services. You want UK to become a banana republic and leave generations paying for our excesses? Definitely not tax cuts!
WTF happened to Tory fiscal responsibility? Also, talking about what Labour did in power is like discussing football results over a decade ago... they don't matter today becaue the squad is completely different. The Tories have run the UK into the ground and need to go.
I'm vote reform UK
So what about retired pensioners who have paid NI all their working lives and still end up at the back of hospital and general NHS queues behind many that have paid in nothing . We are not going to benefit at all .
4:50 stagnating for as long as we've had 1 party in charge?
Regardless, the exiting government will leave a smouldering wreck. The thick peopt will say reform