Millions of people are likely to face tax rises and spending cuts when the government announces its new economic plan next week. Chancellor Jeremy Hunt will deliver the Autumn statement on Thursday, November 17, laying out the government's economic policies over the coming months and years.
The chancellor is reported to be considered wide-ranging spending cuts in a bid to plug a £50bn funding gap, despite years of austerity putting mounting pressure on public services. Areas that will be on the table include taxes, spending, the pension triple lock and benefits with Mr Hunt saying the government would have to make "difficult decisions... that stand the test of time". It comes after the Bank of England warned the UK faces its longest recession on record after it hiked interest rates to 3% last week in a bid to tackle rising inflation.
While the plan will not have the same level of importance as a Budget, it will play a hugely important role in shaping how the government tackles the cost of living crisis and has major implications for millions of people's finances. Although final details haven't been revealed yet, here's what you could expect in the Autumn statement next week.
