Chancellor announces LARGEST tax cut since the 1980's: Liam Halligan is sceptical of the impact

Chancellor announces LARGEST tax cut since the 1980s: Liam Halligan is skeptical of the impact.

so the state pension is going up business taxes are coming down benefits will be boosted and national insurance slashed to 10% slash is probably slightly over egging in the pudding isn't it these are just some of the measures announced by the chancellor but he's under pressure to go further on tax cuts he spoke to an and Elie. on breakfast this morning we've always been very honest that that has meant we've had to raise taxes to pay for those schemes but now we can start bringing them down and yes there is a short-term impact on growth. uh, when you're tackling inflation because that means that interest rates are higher and that is reflected in the forecasts but the measures that I've taken. 

today are what you know more than 200 businesses wrote to me to ask for uh still with us the Daily Telegraph columnist Meline Grant and our economics and business editor Liam Halligan Liam further reflections on yesterday's autumn statement. deck chairs being rearranged on the Titanic well it wasn't really a tax-cutting autumn statement at all there were headline-grabbing tax-cutting measures but of course, those Rachel Reefs were spot on you have to hand it to her those tax cuts were more than offset by the massive increase in taxation represented by the freezing of those tax thresholds rishi sunk started that when he was chancellor back in 2022. they're going to be frozen all the way to 2028 drawing more and more people into paying taxes 4 million more people be paying income tax in 2028.

 then in 2023, these thresholds have been frozen the starting rate of tax is 12 half grand, and 3 million more people will be paying the higher rate of tax than are currently paying the basic rate of income tax including middle-ranking teachers nurses police you know as said on tubes show last night just be honest.

if you want to raise the basic rate of income tax by 6p over 5 years which is what these tax cuts tax raise uh rise amount to these freezing of thresholds then do it and you and I and Mark and Mads and Uncle Tom Coby and all we can have a chat about it and see if that's the way. we want to run our economy don't pretend that you're tax cutting when you're actually tax raising because the punters know and they resent you for treating them as if they're stupid you're so right and in fact, we had Adam Brooks pub landlord on yesterday who was just infuriated by the idea that we're.