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Biggest tax cuts in 35 years as Tories prepare for election

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Biggest tax cuts in 35 years as Tories prepare for election

At the heart of his package was the National Insurance cut for workers, a move favoured over an income tax cut as the Treasury believes it will have a bigger impact on growth.

As well as the two per cent cut to the main rate, the self-employed were helped out with the abolition of Class 2 National Insurance and a reduction in the Class 4 National Insurance rate to eight per cent.

Mr Hunt said: “If we want people to get up early in the morning, if we want people to work nights, if we want an economy where people go the extra mile and work hard, then we need to recognise that their hard work benefits all of us.”

The tax cut was bigger than speculated. The two per cent National Insurance cut will kick in from Jan 6 rather than the usual April date, prompting speculation that the Tories were considering an early election.

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George Osborne, the former chancellor, said the package would “open the door” to an election next spring rather than in the autumn, when it is expected. Mr Hunt played down the idea, saying he had not discussed it with Rishi Sunak.

The Chancellor declared that his “Autumn Statement for growth” contained 110 measures that would help increase the UK’s stagnant economic growth.

He made “full expensing”, which lets firms claim back up to 25p for each £1 invested, permanent, declaring that the UK now had the “most competitive investment allowances of any large economy”.

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CryptoCurrency

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week

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Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week


According to data from CryptoQuant, cbBTC circulation supply has outpaced long-established players seven days after launch. 



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CryptoCurrency

Bitcoin options markets reduce risk hedges — Are new range highs in sight?

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Bitcoin options markets reduce risk hedges — Are new range highs in sight?


Bitcoin options market positioning shifted as BTC price shot through the $60,000 to $63,000 level. 



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Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 

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Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 


Ether price could be on track for another correction into a triple-bottom, marking the beginning of a big rally into 2025.



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Blockdaemon mulls 2026 IPO: Report

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Blockdaemon mulls 2026 IPO: Report


Other Web3 infrastructure platforms, such as Circle, are also mulling IPOs.



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SEC asks court for four months to produce documents for Coinbase

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SEC asks court for four months to produce documents for Coinbase


The financial regulator requested an extension until February 2025 to review “at least 133,582 unique documents” as part of discovery motions with Coinbase.



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‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec

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‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec


Ethereum is still home to the most active crypto developers and is the most attractive chain to build applications on top of for big companies, argues Bitwise’s Matt Hougan.



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