Written by 4:25 am Europe Economy

Autumn statement 2022 – live: Jeremy Hunt insists tax hikes and spending cuts needed to weather economic ‘storm’

Andrew Bailey says that UK economic recovery is dramatically behind US and EU

Chancellor Jeremy Hunt is set to deliver his Budget to parliament today, as he seeks to offer clarity on how the Rishi Sunak government plans to weather an economic “storm”.

He is now widely expected to unveil a package of tax rises worth £25bn and spending cuts of £35bn in order to plug a £60bn funding black hole in Treasury coffers and reassure global markets that Britain remains a trusted trading partner.

He will tell MPs that his statement will put the UK on a “balanced path to stability” as he tackles the “enemy” of inflation, which has soared to a 41-year high.

Mr Hunt will say his “difficult decisions” are necessary to keep mortgage rates low and tackle the sky-high energy and food prices intensifying the cost of living crisis.

It comes after Bank of England governor Andrew Bailey said that the UK economy has suffered a “dramatically” worse recovery from Covid than the US and EU.

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Greenpeace projects fuel poverty film onto Sunak’s Yorkshire home

Greenpeace activists have beamed a documentary film about a community struggling to support themselves through the cost of living crisis onto Rishi Sunak’s Yorkshire mansion.

In a statement, Heather Kennedy, a community organiser from the New Economics Foundation who works in the Rother Valley and helped produce the film said: “The Cost of Living shows communities in South Yorkshire, but the circumstances they face will be familiar to people right across Britain.

“After the longest fall in incomes on modern records, and over a decade of underfunded, crumbling public services, we are being hit with inflated energy costs that are making fossil fuel companies rich and us poor.”

Sravasti Dasgupta17 November 2022 04:25

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Autumn Budget: Here’s what to expect

Chancellor Jeremy Hunt is set to lay out a package of sweeping spending cuts and tax hikes in a plan he promises will shore up Britain’s defences against an economic “storm”.

During a round of media interviews on Sunday morning, Rishi Sunak’s chancellor warned that everybody in the UK will end up “paying a bit more tax” as a result of what he will unveil on Thursday.

Joe Sommerlad has the details on what we can expect from the autumn Budget:

Sravasti Dasgupta17 November 2022 04:05

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Watch: Liz Truss and Kwasi Kwarteng treated British people like ‘lab rats’, says Lisa Nandy

Liz Truss and Kwasi Kwarteng treated British people like ‘lab rats’, says Lisa Nandy

Emily Atkinson17 November 2022 03:45

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Make no mistake, the government shares in the responsibility for sky-high inflation

“Rishi Sunak and co are not as bad as the idealogues that went before them. But the lingering effects of Liz Truss and Kwasi Kwarteng – the dreadful duo – and their disastrous mini-Budget is still there too. It will be written all over Hunt’s statement. It has resulted in increased mortgage costs and other pain.

So yes, the government clearly deserves to pay a high political price for the high prices the nation is experiencing.”

Sravasti Dasgupta17 November 2022 03:45

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Jeremy Hunt urged to intervene on ‘lethal’ runaway inflation and recession

Britain’s economy is facing a “lethal combination of recession and runaway inflation” without intervention in tomorrow’s budget, a leading business group has warned.

The British Chambers of Commerce (BCC) called on Jeremy Hunt to take targeted measures to ease inflation and boost growth in his autumn statement on Thursday.

It comes as the chancellor warned that soaring inflation was “thwarting any chance” of economic growth in the long run, as he hinted of tough tax hikes to come.

Our policy correspondent Jon Stone has more:

Emily Atkinson17 November 2022 03:00

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Watch: Martin Lewis shares ‘Christmas shopping quickies’ and offers savings hacks for festive season

Martin Lewis shares ‘Christmas shopping quickies’ and offers savings hacks for festive season

Emily Atkinson17 November 2022 02:15

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Rishi Sunak pledges to release tax returns within first year as PM

Rishi Sunak has promised that he will within the coming year become the first prime minister since 2016 to publish his tax returns in full.

Mr Sunak initially made the pledge during his unsuccessful Conservative leadership campaign against Liz Truss in the summer.

But he has not yet made the figures public, sparking a warning from Liberal Democrat chief whip Wendy Chamberlain that failure to make good on the promise would risk doing even more damage to public trust in the Conservative Party.”

Our political editor Andrew Woodcock reports:

Emily Atkinson17 November 2022 01:30

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10 areas in UK where house prices are predicted to fall the most

UK house prices are widely predicted to take a tumble in the face of spiralling mortgage rates and rising rental prices, but new research shows the fall is likely to be sharper in some areas more than others.

With a deep, long recession on the horizon, the impact of stalled demand for sky-high mortgage approvals, following the disastrous Liz Truss-Kwasi Kwarteng mini-Budget in September, is beginning to put pressure on buyer demand in the property market.

New figures from house seller advice service PropCast shows demand has fallen sharply in 10 UK counties, which could pave the way for a more dramatic slump in house prices in these regions.

Emily Atkinson17 November 2022 00:45

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Jeremy Hunt vows tax hikes and spending cuts needed to ‘face economic storm’

Chancellor Jeremy Hunt will promise a plan to weather an economic “storm” as he risks a backlash by unveiling a £54 billion package of tax hikes and spending cuts.

He will insist to MPs on Thursday that his autumn statement puts the UK on a “balanced path to stability” as he tackles the “enemy” of inflation, which has soared to a 41-year high.

Mr Hunt will say his “difficult decisions” are necessary to keep mortgage rates low and tackle the rocketing energy and food prices intensifying the cost-of-living crisis.

Emily Atkinson17 November 2022 00:00

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Watch: Andrew Bailey says that UK economic recovery is dramatically behind US and EU

Andrew Bailey says that UK economic recovery is dramatically behind US and EU

Emily Atkinson16 November 2022 23:00

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