Everything we know about the Autumn Budget so far

Chancellor Jeremy Hunt is due to announce his Autumn Budget this week, which is set to include "eye-watering" policies.

PM Rishi Sunak has pledged to deliver on market expectations this morning, with the Chancellor's statement on Thursday (17 November) expected to include painful public spending cuts and tax hikes to plug a 'black hole' in the nation’s finances. Jeremy Hunt has warned everyone will need to pay “a bit more tax” to stabilise the economy.

The UK is currently on track for the longest recession since the 1920s, and the Chancellor and Prime Minister are under pressure to ease the current cost-of-living crisis for the public. Mr Hunt earlier said “sacrifices” were required across the board to get the economy back on track.

The planned tax rises have drawn criticism from some quarters of the Tory party, with former levelling up secretary Simon Clarke calling for the books to be balanced through spending cuts instead. Ex-chancellor Kwasi Kwarteng, whose disastrous mini-budget was estimated by economists to have cost the country as much as £30 billion, said growth would not stem from “putting up our taxes”.

Rishi Sunak stressed the importance of “delivering on the expectations of international markets” to “make sure that our fiscal position is on a more sustainable trajectory”. He added: "The Chancellor has also said that part of our job is not just to bring stability back to the system, which we will do, but it's also to lay the foundations for the economy to recover and grow."

Asked whether the budget would spell years of pain for the public, Mr Sunak said the plan is to “lay the foundations” for growth so taxes can be cut “over time”. On who will be required to bear the brunt of the extra costs, he said the Government will be asking “everyone for sacrifices”, but said Britain is a “compassionate” country, insisting “there’s only so much you can ask from people on the very lowest incomes”.

Asked if he will therefore be paying more tax after next week, he told Sky’s Sophy Ridge on Sunday: “We’re all going to be paying a bit more tax, I’m afraid … but it’s not just going to be bad news. I think what people recognise is that if you want to give people confidence about the future, you have to be honest about the present. And you have to have a plan."

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