National insurance expected to be cut in autumn statement as Chancellor attempts growth

National insurance is set to be slashed by Jeremy Hunt in the autumn statement, according to reports, as the Chancellor is expected to declare the economy is “back on track”.

Mr Hunt is due to present his autumn statement on Wednesday (November 22) lunchtime, which will cut some personal taxes and also ease the burden on firms to increase business investment. His deputy, Laura Trott, has already indicated that individuals will also benefit from tax cuts in a hint that either income tax or national insurance could be reduced - with it being reported 28 million will benefit from the national insurance cut.

The Chancellor’s statement will include 110 different growth measures as he tries to change the narrative around the UK economy, which has seen the highest levels of inflation for decades, the highest tax burden since the Second World War, and huge state interventions to support the stricken economy and hard-pressed households following Russia invasion of Ukraine and the Covid pandemic. Currently, inflation is running at 4.6 percent, down from the 11.1 percent high seen last October.

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Mr Hunt will tell MPs: “The Conservatives will reject big government, high spending and high tax because we know that leads to less growth, not more.” With the Bank of England forecasting a stagnant economy in 2024, Mr Hunt will insist his plan can deliver growth and reduce the national debt.

“After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track,” he will say. “We have supported families with rising bills, cut