Expert sheds light for Cambridgeshire businesses from Autumn Budget
The Chancellor will tell us how the Government will spend taxes
A business expert's telling us there could be more jobs created for people in Cambridgeshire after today's autumn statement.
It comes amid reports of cuts to at least one personal tax made by Chancellor Jeremy Hunt with extra support for firms to grow also in the pipeline.
Sarvin Hassani, a senior lecturer in international business at Anglia Ruskin University, thinks there won't be many tax cuts announced.
But she thinks businesses in the county will be helped.
"There will be more jobs available"
"I don't see there will be any change in tax for higher earners," she said.
"When you have growth in a business, you'll need more workers so if people in Cambridgeshire are struggling with finding jobs, I hope we will see some investment in creating jobs.
"There will be more jobs available and I'm hoping that when people are earning money, they will have money they can spend out so the smaller businesses can be benefitting from us."
One area that Ms Hassani wants the Chancellor to focus on is providing more support for parents accessing childcare costs.
This summer, the government said it would remove barriers for parents who'd like to work by expanding free childcare, including increasing costs to parents on universal credit.
"We've seen spending on NHS, education and social care but I think working parents need extra support so they can support with the childcare and tax cuts to encourage more people to work," she added.
Tax cuts and business investment to be announced
Mr Hunt is set to unveil tax cuts, measures to boost business investment and a tougher approach to welfare in his autumn statement.
The fall in inflation means "we have turned a corner", Treasury Chief Secretary Laura Trott said.
Official figures show that although Government borrowing in October was higher than expected, the year-to-date figure is still below the amount the budget watchdog had forecast.
Mr Hunt has insisted he will be "responsible with the nation's finances", but his statement on Wednesday will "focus on how we boost business investment and get people back into work".
Ms Trott, the Chancellor's deputy in the Treasury, defended the plans to get people off welfare and into jobs, saying it is the "duty" of those who can work to do so.
The plans could see those with mental health or mobility problems told to search for work which is possible to do from home.
Ms Trott told Sky News:
"I think that if you can work, as a principle you should work, and that is what the Government believes. That's been the thrust of all of our policies.
"Of course, there should be support for people to help them into work or to help them with issues that they're facing, but ultimately there is a duty on citizens that if they are able to go out to work, that's what they should do."
Prime Minister Rishi Sunak has raised expectations that the autumn statement will begin the process of reducing the tax burden, which is the highest for 70 years after the Government was forced to raise money to respond to Covid-19 and the energy price spike triggered by the Ukraine war.
He has met his self-imposed target of halving inflation in 2023, with the October figure showing the Consumer Prices Index at 4.6%, although that is still more than twice the Bank of England's goal of 2%.
Bank governor Andrew Bailey has warned it is "much too early" to say inflation has been beaten.
Changes to national insurance or income tax have reportedly been considered, though nothing has been confirmed.
Shadow work and pensions secretary Liz Kendall said:
"It's very interesting to see Rishi Sunak railing against the fact millions of people are out of work due to long-term sickness, saying it's a scandal they've been written off. Well, who's done that?
"Being out of work is bad for individuals. It's bad for businesses, and it's bad for the economy, but it's happened under their watch."
Ms Kendall accused the Government of "desperately trying to wipe their hands for the last 13 years that they are responsible for".