Chancellor Jeremy Hunt has delivered his latest statement on the economy to the House of Commons, which has included keeping the Stamp Duty cuts in place.
The Chancellor outlined the details on Thursday afternoon (17 November) which include higher tax rates and spending cuts as the UK heads into a recession.
Here is a brief overview from the announcement:
Stamp Duty
Hunt has kept the cut to stamp duty which was announced during September’s mini-budget (which we outlined in our previous blog here), but he has confirmed a date when it will end – 31 March 2025.
The last budget announced a cut in Stamp Duty on all houses below £250,000. This previously sat at £125,000 so it offers a significant saving for house purchases.
State of the Economy
The Office for Budget Responsibility (OBR) has predicted growth for the year of 4.2%, but the economy will shrink by 1.4% next year.
Income Tax
The threshold for those that pay the top rate of tax will be brought down from £150,000 to £125,140.
Minimum Wage Increases
It was announced that the minimum wage for over 23s will increase from £9.50 to £10.42 an hour from April 2023.
