Chancellor Jeremy Hunt is to make an autumn statement on Thursday morning, setting out how the Government will cope with the cost of living crisis and spiraling inflation. The inflation comes after Liz Truss and Kwazi Kwarteng's mini-Budget crashed the UK economy earlier this year.
The Chancellor is expected to increase taxes - including income tax - and make budget cuts totaling 10s of billions of pounds. Benefits, pensions and minimum wages are expected to go up from next April. It is thought the cap on energy bills will continue after April, but at a higher level, meaning an increase in what we pay for gas and electricity.
The autumn statement is expected at 11.30am in a statement being made by Mr Hunt in the House of Commons. There will then be a statement on the state of the economy and a reaction to the mini-Budget at 2pm by the Office for Budget Responsibility.
