Chancellor reduces national insurance rate and confirms rise in benefits and state pension
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Jeremy Hunt has announced sweeping tax cuts for businesses and workers in an “autumn statement for growth”, with a larger than expected cut in national insurance from January, part of a £20bn giveaway.
In what will be one of his last economic announcements before a general election, the chancellor said a stronger outlook for the public finances meant he could cut national insurance from 12% to 10% and offer firms a tax cut to increase investment, which he described as the largest in modern British history.
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