Chancellor of the Exchequer of the United Kingdom, Jeremy HuntIt was announced this Wednesday. tax deductions For companies and workers after they managed to halve inflation this year, one of the main targets set by the government. The most notable measure has been the reduction of security contributions from approximately 12% to 10%. 27 million workerssomething that will mean annual savings 450 pounds For a person earning an average annual salary of 35,000 lira (516 euros). “If we want an economy where people put in extra effort and work hard, we must recognize that this hard work challenges us. benefits everyone”Hunt said in his traditional autumn speech in Parliament.
The British Government came to the fore with its economic management last year. cut inflation in half It was proposed to reduce public debt and guarantee economic growth. Some goals are being achieved, albeit slower than expected. Office for Budget Responsibility There is (OBR) discounted This Wednesday is yours growth forecasts In the UK for the next two years: Increased last March from 1.8 per cent and 2.5 per cent planned for 2024 and 2025 to 0.7 per cent and 1.4 per cent respectively. The only forecast that improved was this year’s forecast, which expected a 0.2% recession, eventually turning into 0.6% growth.
minimum wage
Despite economic forecasts being worse than expected at the start of the year, the Finance Minister committed to: load wage minimum 10% Those over the age of 21 worked up to 11.44 lira per hour. This increase will mean that a worker working 170 hours a month will not receive less than 100 hours of salary. £1,944 per month (2,231 euros). The British Administration also announced that it will increase pensions increased by 8.5%This change, in line with the average salary increase between May and July, put an end to speculation that the minister might abandon this commitment.
Hunt also pledged to give more tax deduction for Companies maintaining overall cuts in investment in machinery and equipment and reductions in business rates for small businesses in the leisure and hospitality sector. The government also plans to help pubs. freeze until next august taxes on alcoholic beveragesIncluding beer, cider and wine.
social benefits
Minister of Finance announced an increase in social issues 6.7% of Universal CreditOne of the social benefits provided to people with fewer resources. “This increase is compatible with September inflation and will mean an average increase of 470 lira for 5.5 million households next year,” he said. However, the Government’s main objective is to reintroduce approximately 200,000 of the nine million inactive workers into the labor market in the short term; This figure increased rapidly after the pandemic and the Management plans to reduce it with new investments. Changes to access to aid and subsidies.
“Each year, more than 100,000 people receive sickness or disability benefits without having to look for work. Announcing that he will allocate talent in total, the minister said, “This waste of talent is an economic and moral mistake.” about 3 billion euros to provide support to people with physical or mental health problems, as well as long term unemployed so they can return to the job market as soon as possible. “If job seekers cannot find a job after 18 months, we will implement a program that requires them to do an internship to increase their skills.” If they refuse, they will lose their right to benefit from benefits.