The Know Daily - Thursday 23 November 2023

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An incredible starling murmuration has been captured on camera over the Yorkshire skies. The phenomenon is thought to occur as it offers the birds safety in numbers and protection from predators - although experts still aren’t completely sure how each starling knows which way to turn.

💼 The autumn statement 

On Wednesday, Chancellor Jeremy Hunt delivered his autumn statement. There was a big focus on personal tax cuts - but what does it all mean for you? 

Go on…
The chancellor announced the “largest-ever cut” to National Insurance (NI) for employees, with the main rate being cut from 12% to 10% from January. NI is also being slashed for the self-employed, with around 29 million workers expected to benefit overall. 

But previous tax changes mean that many people “will not be much better off”, said the BBC. This is largely down to an earlier decision to freeze the levels at which workers start paying tax until 2028 - “leaving inflation to suck more people into the tax system for the first time”, said The Guardian.

The bigger-than-expected tax cuts have also “[fuelled] speculation about a snap spring general election”, added the paper.

What are the other key takeaways?
Hunt said that the government would stick to its “triple lock” guarantee and increase the state pension in line with average earnings - meaning an 8.5% rise from April.

Other measures announced in the autumn statement include:

• A 6.7% rise in universal credit from next year.

• Benefits cuts for unemployed people and those with disabilities who are judged to be not doing enough to find work.

• “110 growth measures”, including £500m for AI research.

What’s the bigger picture?
The Office for Budget Responsibility yesterday slashed its prediction for economic growth over the next two years. The independent watchdog said living standards would not return to pre-pandemic levels until 2027/28, with inflation expected to remain “higher for longer”. 

Hunt announced £20bn in tax cuts on Wednesday - something he said was possible because the economy had “turned the corner”. But the i newspaper said the move “means implied spending cuts”.

Paul Johnson, director of the Institute for Fiscal Studies think tank, said the tax cuts had in effect been “paid for” by a squeeze on public services and investments - and that there was a “material risk” that the plans “prove undeliverable”.

Check out Sky News’ calculator to see how your finances have been impacted by the autumn statement.