- November 22, 2023
- Posted by: legaleseblogger
- Category: Related News
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Jeremy Hunt’s Plan for Economic Growth in the UK: An Overview of the Main Announcements
By Sarah Taaffe-Maguire, Business reporter @taaffems
Jeremy Hunt, the Chancellor of the Exchequer, recently revealed a comprehensive package including 110 growth measures aimed at bolstering the UK economy. They span across various domains, from business tax cuts to labor benefits. In this article, we’ll delve into some of the major points outlined in this package, with a plan to continue adding updates as new information becomes available.
According to the Office for Budget Responsibility (OBR), inflation rates are projected to reach 2.8% by the end of next year and 2% by 2025. The UK is expected to experience an overall growth of 0.6% in 2023, with successive years showing a gradual increase, peaking at 1.4% in 2025.
One key announcement is the increment in the minimum wage, or as the government refers to it, the national living wage, which will rise to £11.44 per hour from April. This increase will cut across different age groups, offering higher pay rates for various demographics.
Jobseekers will face stricter conditions for receiving benefits, with the intent to encourage more people to actively seek employment. The plan also includes cuts to the headline rates of national insurance, benefiting around 27 million workers, and reforms in the way national insurance is paid for the self-employed.
Furthermore, pension payments are set for an 8.5% rise, and measures have been announced to invest in innovation centers for AI development and simplify tax reliefs for research and development, among other initiatives.
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