As Individuals and organizations faces immense cost pressures, not just from energy bills, but also a weak pound, rising commodity prices, high transport costs, and the cumulative burden of other government-imposed costs. The Chancellor today unveiled his Growth Plan to release the huge potential in the British economy by tackling high energy costs and inflation and delivering higher productivity and wages.
The statement includes reversing the rise in National Insurance, doubling the stamp duty threshold in England to £250,000 and increasing the higher thresholds for first-time buyers.
The stamp duty changes do not apply in Wales where the Welsh Government administers land transaction tax in place of stamp duty.
The basic rate of income tax will be cut to 19p in the pound from April 2023. Will mean 31 million people will be better off by an average of £170 per year.
The 45% higher rate of income tax is to be abolished.
Planned duty rises on beer, cider, wine and spirits cancelled
Stamp duty to be cut from "today". Nothing will be paid for first £250,000 of property's value - double the current amount allowed. The threshold for first-time buyers is to be increased from £300,000 to £425,000. The value of the property on which first-time buyers can claim relief is to also go up from £500,000 to £625,000.
Household bills to be cut by an expected £1,000 this year with aid from energy price guarantee and £400 grant. Millions of the most vulnerable households will receive additional payments, taking their total savings this year to £2,200.
Planned rise in corporation tax to 25% next year is cancelled.
Will legislate to require trade unions to put pay offers to a member vote so strikes can only be called once negotiations have fully broken down.
New legislation will cut barriers and restrictions to building new roads, rail and energy infrastructure.
Universal Credit Claimants who earn less than the equivalent of 15 hours a week at National Living Wage, 120,000 people, will be required to meet regularly with their Work Coach and take active steps to increase their earnings or face having their benefits reduced. Aim is to reduce vacancies in economy.
Will simplify IR35 rules - governing how temporary contractors are paid - by scrapping reforms in 2017 and 2021 that added "unnecessary complexity and cost" for many businesses.
Introducing VAT-free shopping for overseas visitors.
Annual Investment Allowance - tax relief for businesses on plant and technology investment - to remain at £1m permanently, rather than letting it return to £200,000 in March 2023.