Jeremy Hunt has delivered his all-important Autumn Budget statement to MPs in the House of Commons today (November 17) where he unveiled a change to the stamp duty tax cut. The Chancellor of the Exchequer, who was appointed on October 14 to take over from his predecessor Kwasi Kwarteng, addressed tax hikes and spending cuts in a bid to tackle soaring inflation and reduce the cost of living whilst supporting the economy on a path to growth.
The “tough but necessary decisions" revealed on Thursday by Prime Minister Rishi Sunak's Chancellor will attempt to boost the economy as the UK has now entered into a recession. It comes after a state of market turmoil following the former Prime Minister Liz Truss and Chancellor Kwasi Kwarteng's mini budget in September.
Figures published on Wednesday (November 16) showed that inflation hit 11.1 per cent in October, its highest rate for 41 years and up from 10.1 per cent in September, which Mr Hunt blamed on the Covid-19 pandemic and Vladimir Putin’s war in Ukraine.
