chancellor of the exchequerjeremy hunt has described his autumn budget statement. 27 million workers will see their main national insurance contributions cut from 12% to 10% from january. and a tax break for companies that invest in new equipment will be made permanent, which mr hunt claims is the biggest business tax cut in modern history . also announced the news that from april, universal credit and disability benefits will go up by 6.7 percent. but those on welfare will have to take a work placement within 18 months or risk losing their benefits. the state pension will go up by 8.5% to 221 pounds 20 a week. the minimum wage for those aged 21 and older will go up to 11 pounds 44 an hour. pouring some cold water on all this however, a report out from the uk s independent spending watchdog, the office for budget responsibility. it warns that despite the new cuts, overall tax as a percentage of national income will soon be the highest since the second world war. here s our p
record high, and the office for budget responsibility says it would represent the largest fall in living standards since the 19505. our business correspondent emma simpson reports. these reforms will save around two million self employed people an average of £350 a yearfrom april. better than nothing. tuning into the autumn statement at walthamstow market. a good place to test the mood. pensioners seemed happy. him increasing pension, that s good for me. and young workers like the rise in the minimum wage too. 10% more i m going to win i m going to earn. yeah. who wouldn t like it? but other workers said the cut to national insurance isn t enough. not with the way things are at the moment. the cost of living is too expensive. £450, divide that by 12, divide it by the family that you ve got. is it enough? i don t think so. here are the key details. first, that national insurance cut. it s going from 12% to ten for all employees from january. the self employed will see a