Autumn Statement updates: Hunt cuts National Insurance rate but tax burden still rising - BBC News
The chancellor says his steps on the economy are "just a start", but the budget watchdog warns the overall tax burden is still rising.
Video caption: Jeremy Hunt opens Autumn Statement 2023 promising 'work to be done' Jeremy Hunt opens Autumn Statement 2023 promising 'work to be done'

We're wrapping up our coverage of the Autumn Statement shortly, so here's a summary of today's key developments:

The chancellor stood up in the House of Commons, announcing a host of measures in what he called an "Autumn Statement for growth". The biggest surprise was a cut in the main rate of employee National Insurance from 12% down to 10%, from January.

He announced that a tax break for businesses - known as "full expensing" - would be made permanent, confirmed the minimum wage would rise to £11.44, and froze alcohol duty to August next year.

Universal credit and other working-age benefits will rise by 6.7% and pensions by 8.5% - both more generous than had been suggested in the run-up to the statement. But there will also be changes to the benefits system bringing tougher sanctions for claimants judged to be not doing enough to find a job.

But alongside his statement, came the independent Office for Budget Responsibility (OBR)'s assessment of his plans - and the wider state of the economy.

It said the amount of tax being raised is on track to reach its highest level in 70 years by 2028, as well as forecasting that the economy will grow - and inflation will fall - more slowly in the next couple of years than it had previously anticipated.

What has the response been?

In an interview with the BBC, Hunt acknowledged people were "feeling bruised" by the UK's financial troubles and said the government promised to reduce the tax burden on families when it could.

Labour criticised the plans, saying a 2% national insurance cut would "not remotely compensate" for tax rises already put in place by the government, that economic growth had "hit a dead end" and that the announcements left working people "worse off".

The Lib Dems said the UK was “suffering from the biggest reduction in living standards since the 1950s” and the Autumn Statement was "a big deception".

Charities welcomed the increase in benefits, but raised concerns about the impact of sanctions on the sick and disabled.