THE Chancellor has announced tax cuts for some of the richest in society while failing to tackle the cost-of-living crisis.

Rishi Sunak will tell captains of industry that their tax bills will be cut, promising the Tories “are on your side”.

He will speak at the Confederation of British Industry’s (CBI) annual dinner on Wednesday evening.

The Chancellor is expected to urge corporate giants to “invest, train and innovate more” at the event.

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Sunak has faced criticism for a lack of action on the cost of living crisis hitting the UK, refusing increase benefits or put cash into people’s pockets to cope with soaring energy bills.

It comes as inflation reached 9%, its highest level in 40 years and amid warnings Britons face the biggest drop in their living standards since the 1950s.

He has been accused of slashing tax at the expense of helping to “ease the squeeze”.

Alison Thewliss (below), the SNP’s Treasury spokesperson, said: “Instead of prioritising businesses, the Chancellor should be focusing all his efforts on putting money into people's pockets.

The National:

"Despite knowing full well that one in four people across the four nations are currently skipping meals, the Chancellor refuses to lift a finger to help ease the squeeze. This is callous and cruel. 

“Rather than making insulting comments like ‘work more hours’ or ‘learn to budget better’, Rishi Sunak must follow the Scottish Government's example by delivering a comprehensive package of support which puts money into the pockets of families - not take it away.

"There can be no more delays - it is time to act."

Sunak is expected to outline a three-point plan which he claims will help with the cost of living, boost economic growth and deliver long-term prosperity.

He will tell industry leaders: “In the autumn Budget we will cut your taxes to encourage you to do all those things. That is the path to higher productivity, higher living standards, and a more prosperous and secure future.

“Our role in government is to cut costs for families. I cannot pretend this will be easy. The next few months will be tough, but where we can act, we will.

“We have provided £22 billion of direct support, and we are going further. In October, we’re cutting energy bills by a further £200.

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“In just a few weeks’ time, the national insurance threshold will increase to £12,500.

“That’s a £6 billion tax cut for working people, and of course as the situation evolves our response will evolve.

“I have always been clear, we stand ready to do more.”

At this year’s Spring Statement, the Chancellor announced a cut of 5p per litre in fuel duty and said the basic rate of income tax would be cut by one percentage point to 19% from April 2024.

Changes to the National Insurance contributions will see a tax cut of around £330 in the year from July, the Treasury said, by raising the threshold at which people pay the levy.