The Autumn Statement is set to be announced this Thursday.
Chancellor Jeremy Hunt is expected to announce that benefits and state pension rates will rise in line with inflation in his Autumn Statement on Thursday .
Jeremy Hunt claims he is trying to "balance the books", but the Tory promise to borrow less than they raise in tax has already been postponed by a decade, and could be put back further. Raising Universal Credit by only 5.5 per cent instead would be a real-terms cut of £978 a year for a working couple with three kids, the Resolution Foundation said.
Energy bills to soar Th Energy Price Guarantee is capping bills at an average of £2,500 between October 1 and March 31 - at a cost of £60billion to taxpayers. Rishi Sunak also backed the triple lock, then suspended it during the pandemic. He backed it once again in the summer, couldn't guarantee it, and sources have now said it will happen.
Lowering it to £125,000 would drag more people into the top tax bracket - currently only 660,000 pay it - and cost £150,000 earners £1,250 extra per year. Kwasi Kwarteng had promised to freeze alcohol duty rates from February 1, 2023 for a year but this is now being ditched. Abandoning the freeze will save £600 million a year.
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What we know so far about Jeremy Hunt's Autumn Statement, from tax rises to spending cutsAll Government departments, including health and defence, are set to be told they will not see any increases on their 2021 budgets
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What do we know will be in the Autumn Statement?Jeremy Hunt is expected to dismantle his predecessor Kwasi Kwarteng plans announced two months ago.
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Autumn Budget 2022: When is it and what it means for youChancellor Jeremy Hunt is set to make his Autumn Statement later this week.
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Why does the government want to cut spending?The Autumn Statement will address the risk of a future “black hole” in the UK's finances.
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