Chancellor unveils 2p national insurance cut but thinktanks warn next government faces fresh round of austerity

• Jeremy Hunt announces tax cuts for firms and workers
• Autumn statement 2023: key points at a glance
• What it means for people on a range of incomes

Jeremy Hunt sought to blunt the impact of the highest levels of taxation since the second world war with a cut in workers’ national insurance contributions, fuelling speculation about a snap spring general election.

With the Conservatives trailing in opinion polls, the chancellor used a fresh squeeze on public spending to pay for a bigger-than-expected reduction in NICs worth £450 a year to the average employee, coupled with permanent 100% investment breaks for business.