Chancellor of the Exchequer Jeremy Hunt will address the House of Commons on Thursday morning to deliver his highly-anticipated Autumn statement. The Conservative party is looking to rebuild the UK’s economic reputation and balance the books after the now infamous ‘mini budget’ delivered by former prime minister Liz Truss and former Chancellor of the Exchequer, Kwasi Kwarteng in September impacted negatively upon the economy.
The budget - which is being billed by some as “austerity 2.0” - is expected to heavily focus upon tax rises and cuts to public spending. The core aim is to reduce the country’s annual deficit and tame inflation which has rocketed to a 41 year high of 11.1%.
The fiscal plan is likely to undo the majority of what was in Kwasi Kwarteng’s mini-budget, which sent shock waves through the financial markets back in September. The statement arrives weeks after the Bank of England warned that the UK is facing its longest recession since records began.
Jeremy Hunt has emphasised that the Conservative Party will make “difficult decisions” but will continue to support the most financially vulnerable, leaving the middle class and wealthy to bear the brunt of the cuts. While the budget may help credibility with financial markets, expected tax rises will not be received well by Conservative backbenchers.
Here’s how to watch the Autumn statement and when the Chancellor of the Exchequer is expected to announce the budget.
How to watch Autumn Statement 2022
Chancellor Jeremy Hunt is expected to deliver the statement to the House of Commons on Thursday, November 17 from 11:30am.