The planned increase in duty on spirits, wine, cider and beer will also be cancelled immediately, while the wider duty reforms will come into effect by 2023.
Mr Sunak, who is teetotal, said it would bring about a permanent 3p reduction in the cost of a pint. Pubs were not left out either, with a 5% draught relief applied to pints of cider and beer poured out of containers over 40 litres. The move is bad news for high-strength cider guzzlers, but will prove a saver for those partial to a glass of rose wine or lower strength beers. The Chancellor told MPs he was “radically” simplifying alcohol duty by introducing a system designed around the principle of “the stronger the drink, the higher the rate”. – Can you tell us more about this cheaper booze the Chancellor mentioned?ĭrinkers could well be cheering a Brexit boon after Mr Sunak said he was able to simplify alcohol duty rules due to leaving the European Union. Mr Sunak called it a “tax on work – and a high rate of tax at that” as he announced he would be lowering the taper rate to 55%, a drop of 8% that he said would be worth more than £2 billion when the change comes in no later than December 1. Please click here to do so.īut it was pointed out that, for every £1 extra earned by UC beneficiaries, the taper rate meant their welfare was reduced by 63%, meaning they effectively take home just 37p in every pound. To view this content, you'll need to update your privacy settings. Ministers, who scrapped the additional payment this month, argued claimants could replace the money by taking on extra hours of employment.
The Universal Credit taper rate took on a new found prominence as the debate raged over the Government’s decision to remove the £20 weekly uplift that it brought in during the coronavirus pandemic. The rise in the minimum wage to £9.50 for those aged 23 and over, and the lifting of the public sector pay freeze were announced before Wednesday but there were other significant policy announcements in the speech.īenefit claimants who work will be able to pocket more of their earnings thanks to the rate their support payments decrease being slashed, pub beer prices are being cut and a planned rise in fuel duty has been scrapped. – Did we not already know most of what was in the Budget beforehand?Ī good deal of policies were pre-briefed and the Chancellor received a scolding before his fiscal statement at the hands of Deputy Commons Speaker Dame Eleanor Laing as a result. Here is what was in it and what the headline announcements mean. Rishi Sunak has delivered his autumn Budget and Spending Review to the House of Commons.
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