People’s real household disposable income is set to fall by more than 7% over the next two years.
The chancellor said his main priorities within the budget are ‘stability, growth and public services.’5 and Kwasi Kwarteng’s stamp duty tax cut will be reversed in 2025.The OBR has said that the UK is 'now in recession', Mr Hunt said, but he added 'overall this year, the economy is still forecast to grow by 4.2%'.Underlying debt as a percentage of GDP is expected to fall from a peak of 97.6% of GDP in 2025-26 to 97.3% in 2027-28.
Mr Hunt has accepted a recommendation to increase the national living wage by 9.7%, making the hourly rate £10.42 from April 2023.The Chancellor told MPs the Office of Budget Responsibility has confirmed 'global factors' are the 'primary cause' of inflation.He said the autumn statement will cause inflation to 'fall sharply from the middle of next year'.
Mr Hunt increased the windfall tax on oil and gas giants from 25% to 35% and imposed a 45% levy on electricity generators to raise an estimated £14 billion next year. He allocated for adult social care additional grant funding of £1 billion next year and £1.7 billion the year after.Mr Hunt said 'with just under half of the £55 billion consolidation coming from tax, and just over half from spending, this is a balanced plan for stability'.
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