The Chancellor has said whilst delivering his autumn statement that the government will cut taxes and boost business growth.
Hunt told MPs whilst delivering his autumn statement that After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track.
“We have supported families with rising bills, cut borrowing and halved inflation. Rather than a recession, the economy has grown. Rather than falling as predicted, real incomes have risen.”
The Chancellor said that the government’s plan “for the British economy is working,” but Hunt added, “the work is not done” yet.
He said that the government will continue to “back British businesses” and he will reform planning and welfare.
The Chancellor said on Wednesday that the government will “raise business investment” to boost growth which will “get more people” in to work.
As the government are eyeing up the general election in 2024, the Chancellor said that they will “reduce inflation” and will increase the size of the economy.
In line with September’s inflation figure the Chancellor said that universal credit will sire by 6.7%.
The Chancellor has claimed in his address to MPs in the House of Commons that this equates to £470 million across 5.5 million households.
He will also freeze the local housing allowance which will increase to the “30th percentile of local market rents.
“This will give 1.6 million households an average of £800 of support next year.”
Hunt said, “After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track.
“We have supported families with rising bills, cut borrowing and halved inflation.
“Rather than a recession, the economy has grown. Rather than falling as predicted, real incomes have risen.
“Our plan for the British economy is working. But the work is not done.”
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