Autumn statement: Jeremy Hunt announces sweeping tax cuts for firms and workers

Chancellor reduces national insurance rate and confirms rise in benefits and state pension

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Jeremy Hunt has announced sweeping tax cuts for businesses and workers in an “autumn statement for growth” with a larger than expected cut in national insurance from January.

Setting out the government’s agenda for the economy before the next general election, the chancellor said a stronger outlook for the public finances meant he could cut national insurance from 12% to 10% and offer firms what he described as the largest business tax cut in modern British history.