AT A GLANCE, TRUSS’S GROWTH STRATEGY
A 1p cut to the basic rate of income tax in England, reducing it to 19p in the pound, from April 2023. Unless SNP ministers follow the move, everyone earning more than £14,732 will pay more north of the Border.
The 45p top rate of income tax will be scrapped south of the Border from April 2023, benefiting 660,000 people earning more than £150,000 a year. But it is currently 46p in Scotland and SNP ministers will need to decide whether to follow the move.
National insurance hike reversed from November 6, saving more than 2.3million workers in Scotland an average of £285 a year.
New low-tax, low-regulation investment zones to be created where businesses pay less national insurance and business rates, and can get 100 per cent tax relief on some investment spending. All 38 sites are in England but the Chancellor has asked the Scottish Government to help ensure they can happen in Scotland too.
Planned rise in corporation tax from 19 per cent to 25 per cent next year is cancelled.
Re-introduce tax-free shopping for overseas visitors to boost high streets and tourism.
Planned duty rises on beer, cider, wine and spirits which would have added £1.35 to the cost of an average bottle of Scotch whisky are ditched.
The EU-inspired cap on bankers’ bonuses will be scrapped.
New legislation to force trade unions to put pay offers to a member vote, so strikes only happen once negotiations have fully broken down.
Regulations will be cut to speed up the building of new roads, rail and energy infrastructure, with ‘the vast majority’ of projects starting construction by the end of 2023. Most are in England as transport and infrastructure is devolved – but it includes some North Sea developments, such as the first phase of the Cambo development west of Shetland, as well as digital connectivity and the freeports scheme, with two Scottish sites.
Onshore wind power potential to be ‘unlocked’ by bringing planning consent in line with other infrastructure in England – effectively lifting the de facto ban imposed by David Cameron.
Annual Investment Allowance, which gives tax relief for businesses on plant and technology investment, will be maintained at £1million, rather than letting it return to £200,000 in March 2023.
Universal Credit claimants earning less than the equivalent of 15 hours a week at National Living Wage must try to find more or better-paid work, and attend regular meetings at a job centre, or have benefits reduced.
Simplifying IR35 rules, which govern how temporary contractors are paid, by scrapping reforms in 2017 and 2021 that added ‘unnecessary complexity and cost’.
Overhaul EU-inspired regulations to free up £4trillion of investment to support domestic infrastructure projects and promising UK businesses.