The Autumn Statement as it happened: Hunt unveils a brutal package of tax rises and spending cuts to curb Britain’s spiralling debts

17 November 2022, 06:01 | Updated: 18 November 2022, 07:51

Jeremy Hunt unveiling the Autumn Statement
Jeremy Hunt unveiling the Autumn Statement. Picture: social media

The Chancellor has set out a package of tax rises and spending cuts in his Autumn Statement as he attempts to stabilise the economy and calm financial markets.

Addressing the House of Commons, Jeremy Hunt said energy bills will rise by £500 to an average £3,000 per year from April, making the the Energy Price Guarantee less generous.

Mr Hunt hunt announced tens of billions of pounds in spending cuts and and tax rises.

Local authorities will now be permitted to put up council tax by up to 4.99% from next year. It means for the first time, people in Band D homes will pay over £2,000 a year on average, with bills rising around £100.

The Chancellor said the UK is already in recession, which is based on forecasts by the Office for Budget Responsibility (OBR).

He also set out a minimum wage rise, and additional funds for schools and the NHS (the pensions triple lock will remain), with benefits and state pensions set to rise by 10.1%.

It comes just days after analysis revealed Liz Truss’s disastrous mini budget wiped £30bn off the economy - doubling the sum that Jeremy Hunt needs to raise.

The Resolution Foundation calculated that the Truss government was responsible for about £30bn of the fiscal hole - which the Treasury puts at £60bn.

She blew £20bn on unfunded cuts to national insurance and stamp duty, and £10bn more was added by the knock-on effect of higher interest rates and government borrowing costs.

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