In the run-up to the statement, Jeremy Hunt stated the government needed to focus on growing the economy and meeting its pledge to halve inflation by the end of year 2023.

National Insurance cuts: The main rate of Class 1 employee NICs will be cut from 12% to 10% for workers earning over £12,570, benefitting 27 million people.

Self Employed: Class 2 contributions (currently a flat rate of £3.45 a week) will be abolished. Class 4 rate will fall from 9% to 8% on profits over £12,570.

The UK's National Living Wage will rise from £10.42 an hour to at least £11.44 an hour.

Alcohol duties have been frozen until August 2024.

The change will come into force from 6 January.