The Chancellor has promised a ten billion pound giveaway ahead of next year's General Election - along with what he called "the biggest business tax cut in modern history".
National insurance will be cut from 12 % to 10 % from January. The business tax break for expensing plant and machinery spending is here to stay. Benefits will rise in line with inflation, and the state pension by 8.5 %, though those who refuse to seek employment could lose access to some assistance.
But the Office for Budget Responsibility analysis paints a different picture. The overall tax burden is still rising - set to reach a new post war high of 37.7%. Inflation will be higher than previous forecasts through to late 2025. Growth has been revised down from 2024 and we're facing the biggest drop in living standards since records began.
