The Chancellor Rishi Sunak has presented the Autumn Budget and Spending Review in the House of Commons – here’s a look at some of the key announcements.
- Each government department is set to see a real-terms rise in spending
- Air passenger duty will be cut to a new rate for domestic flights within the United Kingdom, while the tax will rise on ‘ultra-long-haul’ flights.
- Alcohol taxes will be simplified, with taxes being based purely on the strength of the drink – the plans are expected to see some drinks become a few pence cheaper, while some stronger drinks may see slight price rises.
- The planned increase in duty on spirits, wine, beer and cider will be cancelled.
- Funding per school pupil in England will be increased over the next three years – though will only match 2010 levels.
- Business rates will be discounted by 50% for pubs, cinemas, gyms and similar venues.
- The Universal Credit taper will be cut, meaning 55p of benefit will be cut for every £1 earned above the work allowance, instead of 63p.
- £500m will go towards reducing court backlogs.
- Fuel duty will be frozen.
- Banks will see their bill for extra corporation tax cut by 5%.
