Chancellor Jeremy Hunt has outlined his plans to restore economic stability in the wake of the last administration's disastrous mini-budget. Unlike his predecessor who unveiled a 'tax-busting' plan for the economy, which ended up unleashing market turmoil, Mr Hunt has told everyone that they will have to pay more tax from next year.
The chancellor's Autumn Budget will see the tax burden rise to its highest sustained level since the Second World War. Addressing MPs in the House of Commons this morning, Mr Hunt set out plans for almost £25 billion in tax increases.
Treasury analysis suggests about 55 per cent of households will be worse off as a result of the tax and spending decisions made in the autumn statement. But Mr Hunt said his decisions would protect the most vulnerable, and place the highest burden on the highest earners.
