Chancellor Jeremy Hunt set to announce personal tax cuts

Jeremy Hunt is reportedly considering handing white van men a tax cut in his upcoming Autumn Statement. With inflation falling, the Chancellor believes that now is the time to let Brits keep more of their own money. The hope is that these tax cuts will provide a boost to the economy and improve the government's political standing.

Tax burden at highest level since WWII

Currently, Britain's tax burden is at its highest since the Second World War. Hunt is meeting with Rishi Sunak to finalize the details of the tax cuts, with one option being considered to cut Class 4 National Insurance Contributions (NICs) for the self-employed. Plumbers, electricians, and other self-employed individuals currently face a 9% charge on profits between £12,570 and £50,270, with anything above incurring a 2% levy.

Potential freeze on 'transit tax'

In addition to the possible tax cuts, the Chancellor is also expected to freeze the 'transit tax', also known as the van benefit charge. Last year, the charge was increased by £72 to nearly £800 due to inflation. However, the government is expected to freeze it this year following last year's backlash.

Desire for growth in UK economy

The government is eager to inject some growth into the UK's sluggish economy, and tax cuts are seen as a potential solution. Many Tory MPs are hoping that tax cuts will improve their political prospects in the next election. Iain Duncan Smith, former leader of the Conservative party, emphasized the importance of reducing taxes.

Possible benefits for those near pylons and substations

In a separate announcement, the Chancellor is expected to unveil plans to offer up to £10,000 off the bills of individuals living near new pylons and electricity substations over the span of a decade.