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Politics news – live: Tax cuts expected in Chancellor Jeremy Hunt’s autumn statement; Rishi Sunak and Keir Starmer square off at PMQs | Politics News

Ollie Cooper, a live news reporter, explains key terms to understand financial developments in the UK government. Fiscal headroom is the means by which the government can alter spending or taxes without contravening fiscal rules. Income tax thresholds determine when individuals begin to pay tax. Fiscal drag occurs when tax thresholds don’t increase alongside pay rises. The tax burden signifies the impact of tax on a population. Value Added Tax (VAT) and inheritance, corporation, capital gains, and National Insurance are various forms of taxes on goods, services, estate, company profits, and employment income respectively.

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