Autumn Statement| Autumn Statement 2023: Analysis following Chancellor Jeremy Hunt's announcements budget 2023 national insurance national insurance calculator Jeremy Hunt autumn |budget 2023 class 2 |national insurance what time is the autumn statement national insurance rates autumn budget national insurance cut

Autumn Statement| Autumn Statement 2023: Analysis following Chancellor 

 Jeremy   Hunt's

 announcements

typically were all just about updating us on and how things were looking and this is showing you economic growth and the forecast last time around so the higher these bars are basically the better the economy is doing the higher GDP growth is that was March okay that was March look at these bars now look at what's happened this time around okay look let's look in the short term first of all okay so in the short term 2023.

 better than expected and that's part of the explanation for why the chancellor has a bit more money uh to spend but you know it's a very big but here look at the next few years look at 2024 big cuss in 2024 2025 big cut in 2025 as well that's down from 2 and a half% which is your kind of that's what you'd be hoping for you know Trend growth rate typically down to 1.4% and it's only towards the end actually even 2026.

 is a little bit weaker as well so it's a weaker economy it's a weaker economy in the medium to longterm slightly stronger in the short term no recession so that's kind of good news at least on that front but it's not necessarily um anything to write home about worth saying though better than the bank of England is forecasting we showed you earlier on what the bank of England was forecasting These Bars were a lot lower uh so that's something at least now inflation okay this obviously the cost of living crisis has been the big story recently last time around the OB the office of budget responsibility was saying there's going to be a very big rise in inflation and then it would be down and it' be getting down towards zero uh come the kind of middle of 20125 and that was with relatively low interest rates well relatively.

 Low 4 and a half% so lower than they are at the moment now look at what the latest forecast is you can see it is coming down but not going down to those same levels so you've got slightly higher inflation it's still you know be reassured here it's still around that 2% level okay so this is not kind of out of control inflation but still it's higher than it was before that's inflation okay let's deal with you know the other big thing here borrowing this is basically the government here talking about how much it's going to be borrowing each year these numbers by the way will bring you the kind of billions.

 numbers but this is as a percentage of GDP so you're kind of looking uh at comparative numbers here again slightly lower borrowing each year but as you'll see there are still some big giveaways here so these numbers aren't going down as by as much as they could have gone down had the chancellor decided to pocket extra cash uh that was coming in uh to him and that comes back to the big story here and you just saw we were talking about the scorecard the scorecard is basically your measure of just how much money is coming into the ex cheer or going out and we can bring you actually straight away this is the overall number the scorecard totals of the amount of money that in this case because these are negative numbers that's money going out of the ex Checker into our pockets so isn't that great um but here's the thing okay these are Big figures by the way and about half let's focus on on 2028 29 because that's usually people look at the the final year uh of the forecast Horizon that's a lot of money 21 billion pounds coming out of the ex jacket into people's pockets about half of it is that National .

Insurance uh cut the rest of of it slightly more than half actually uh is full expensing okay so it's mainly full expensing in other words that measure where businesses can write off all of their investment or a lot of their investment uh against their future tax bills it's a lot of that but here's the thing that's worth worth noting okay These Bars you see these bars when they're down it means that there's money going out of the ex cheer into your pockets one year ago in last Autumn's statement those bars were way up there in fact the government was taking up to 55 billion pounds out of our pockets and bringing it in so this only goes less than halfway actually to reversing what we saw uh in the awesome statement uh last time around and here's the kind of chart that .

I said that we really needed to watch out for today it is the tax burden because remember this is all for Jeremy hun and for richy sinak about being able to say they are cutting taxes well have a look this shows you taxes as a percentage of GDP going all the way back to 1948.

so the higher that line is the more heavily taxed this country is it's all kinds of taxes business taxes personal tax in March and these numbers have been readjusted because we've got different GDP numbers in March look it was going up to there do you think that now the line is going to be lower than that in other words a lower tax burden or higher well here's the surprising thing actually the latest line is higher the tax burden is higher than it was last time a really striking bit of news there uh from this Autumn statement.