Chancellor Jeremy Hunt will deliver his highly-anticipated autumn budget in the House of Commons tomorrow (Thursday, November 17), where he is expected to announce a range of tax rises and spending cuts as the Government seeks to restore the UK’s economic credibility in the wake of Liz Truss’s short-lived administration.
The autumn statement will mark an abrupt about-turn on Kwasi Kwarteng’s disastrous mini-budget, which plunged the country into financial turmoil, as Rishi Sunak hopes to reassure the markets and steady the country’s finances. Here is what we can expect this week.
How did we get here?
Only a few weeks ago, Truss and Kwarteng were promising tax cuts as the only solution to drive up UK growth. But the mini-budget on September 23, which promised £45 billion of unfunded tax cuts on top of a massively expensive energy support package, shocked mainstream economists and spooked the markets.
