Autumn budget 2022: What to expect from Jeremy Hunt. Details here

Chancellor of the Exchequer in UK Jeremy Hunt will deliver the Autumn Statement on November 17, just about two months after the Liz Truss administration's mini-budget reportedly crashed the British economy. Hunt is expected to announce new tax rises and spending cuts worth about £54 billion. Ahead of delivering his fiscal statement, Hunt has warned that everyone would be paying "a bit more tax." He added that the government would be asking everyone for 'sacrifices', according to reports.

The Autumn Statement will likely include £21 billion of tax rises and £33 billion of public spending cuts a year by 2027-28. The measures are on the chart despite Mr Hunt admitting that the NHS is about to collapse. State pension and benefits are likely to rise with 10.1 per cent inflation. However, income tax and council tax are expected to face a hike. Energy bills support is also likely to go down, adding to the woes of families. Earlier, while increasing the base interest rate to 3 per cent, the Bank of England had warned that the British economy was moving toward the most prolonged recession in 100 years.




Besides, the government is eyeing to reduce the threshold of £150,000 at which people begin to pay the 45p Income Tax rate. The Autumn Statement is also likely to define what the minimum wage will be from April 2023. Hunt may also raise tax on dividends and capital gains. The Daily Mail has reported that electric car owners may have to pay road tax for the first time.

FAQs:

1. Who is Jeremy Hunt?
   Jeremy Hunt is the Chancellor of the Exchequer.
2. When will the Autumn Statement be delivered?
   Jeremy Hunt will deliver the Autumn Statement on November 17.