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AUTUMN STATEMENT IN BRIEF: What does it mean for you and how much will you save or pay extra tax?
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Chancellor Jeremy Hunt stands in the House of Commons to make a crucial autumn statement as Rishi Sunak’s government is keen to restore Britain’s reputation for fiscal discipline following September’s disastrous mini-budget.
Hunt has said his priority will be to fill what the government describes as a £55bn ‘black hole’; a figure derived from its own fiscal rules in efforts to demonstrate prudence.
To fill this gap, almost every conceivable tax is rumored to rise, while government spending is likely to be cut or frozen at current levels.
Markets will also be watching closely the Office for Budget Responsibility’s approaching forecasts on the outlook for the UK economy.
The chancellor will go to the shipping box at 11:30 am, more to follow…
Chancellor Jeremy Hunt is expected to announce new tax increases and spending cuts
Most important points:
– The Chancellor said his statement has three priorities: stability, growth and public services
– OBR describes ‘global factors’ as the primary cause of inflation
– The Bank of England has the Chancellor’s ‘full support’ and pledges not to change its mandate