What to expect from Jeremy Hunt's Autumn Statement
It is his and Prime Minister Rishi Sunak's opportunity to lay out their financial plans for the country.The Autumn Statement is where Chancellor Jeremy Hunt will deliver his financial plans for the next few months.
Prime Minister Rishi Sunak, speaking from Bali where he is attending the G20 summit, said Ukraine and Covid are the "primary [drivers] for energy prices and inflation" - which are two key components of rising costs.The statement is due to take place on Thursday. A time hasn't been confirmed but it's usually around midday.
They also said that higher interest rates sparked by her economic vision have cost the nation £10 billion, with higher costs of borrowing.Mr Sunak tried not to blame his predecessor Liz Truss for making the UK's financial outlook even worse but did acknowledge she made "mistakes" ahead of Thursday's budget.The Autumn Statement is widely expected to be grim listening for already hard-pressed Brits.
But Chancellor Jeremy Hunt said "we're all going to be paying a bit more tax" as he looks to find up to £60 billion from a combination of hikes and spending cuts.The government is expected to announce billions of pounds worth of cuts to public spending.The budget is widely expected to raise finances through stealth taxes, by freezing the rates in which workers begin paying higher rates of tax.
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