Newspaper headlines: 'Happy N.I. Year' but 'tax burden to hit record high'

The Daily Mail and the Daily Telegraph both hail what they call "the biggest tax cuts since the 1980s".

The Mail's headline adds: "Let's hope it's just the start". It says the chancellor "defied gloomy predictions" by cutting 2p off National Insurance which it believes is "setting the scene for a tax and spend battle with Labour at the next election".

The Telegraph says the reaction of Conservative MPs was to "cheer the good start" and to call for more before the next election. Its associate editor, Camilla Tominey, says cutting National Insurance was the rabbit pulled from the hat - as Mr Hunt he tried to "cast a new spell over the electorate". Politically, she says, "this mini-budget was an impressive feat of prestidigitation (or conjuring!) in taking the fight to Labour".

The Times front page declares "Hunt eases tax burden" - in contrast to the Financial Times which says "Tax burden surges despite Hunt cuts". The FT explains that personal and business taxes have been reduced but overall taxation is still rising to a post-Second World War high. It says the budget watchdog - the Office for Budget Responsibility - "shed a harsh light" on the chancellor's plans, saying it would be a "modest boost to growth" and see the tax burden rise for the next five years.

The Economist calls it a "pre-election giveaway" by the chancellor - offering tax cuts and what it calls "an ugly future for public services". It questions Mr Hunt's assertion that lower inflation has given him the space to cut taxes, arguing that space has actually come from higher inflation.

The Guardian also sees the statement's measures as moving the Tories onto an election footing, fuelling speculation about a snap general election in the spring. It agrees with the Economist that the "bigger than expected" tax cuts will be paid for by a "fresh squeeze on public spending". It sees the rise in state benefits and pensions as a clear sign the government is trying to win votes. The paper's leader article says "this Tory pro-rich tax giveaway is paid for by bankrupting the state".

A champagne cork is pictured popping on the front of the Sun. The January date the National Insurance cut kicks in for 27 million workers, and a freeze on alcohol duty inspires its headline - "New Year's Wahey". For the Daily Mirror, the Autumn Statement is less about fizz and more about "swizz". It says millions of people will be worse off despite paying less National Insurance. It points to economic growth forecasts that have been halved and predictions that inflation will fall more slowly than previously expected. Its headline asks: "Do they take us all for fools?"

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