Chancellor Jeremy Hunt is to make an autumn statement today
Chancellor Jeremy Hunt is to make an autumn statement on Thursday morning, setting out how the Government will cope with the cost of living crisis and spiraling inflation. The inflation comes after Liz Truss and Kwazi Kwarteng's mini-Budget crashed the UK economy earlier this year.
Unlike the Kwarteng mini-Budget, this statement is expected to be fully costed - setting out how the Government will pay for what is announced. “We aren’t immune to these global headwinds, but with this plan for stability, growth and public services – we will face into the storm,” he is expected to tell the Commons.
His package will stand in stark contrast to his predecessor Kwasi Kwarteng’s unfunded splurge of tax cuts less than two months ago, which further dented the UK’s finances. “Families across Britain make sacrifices every day to live within their means, and so too must governments because the United Kingdom will always pay its way.
Mr Hunt is expected to impose stealth taxes by freezing the rates at which workers begin paying higher rates, drawing more into higher brackets as inflation soars.
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