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The Latest Breaking News from OBR

Three charts that explain why falling living standards could deepen the UK's north-south divide

Living standards are set to fall by 7% in the UK over the next two years, according to the Office for Budget Responsibility (OBR) – the government’s independent economic forecaster – but some areas will be hit harder than others.

The Conversation

Halfords boss warns move to tax electric motors could hold back switch from fuel

Chief executive Graham Stapleton said the Chancellor’s decision to impose road tax on electric vehicles from 2025 was ‘disappointing’.

The Independent UK

Chancellor rubbishes his own advisers and denies Brexit ‘will make us poorer’

Asked about feared 4% GDP slump, Jeremy Hunt says he doesn’t accept ’all’ OBR forecasts – adding ‘I accept all the ones I agree with’

The Independent UK

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2023 will be a very difficult year, OBR member warns MPs

David Miles said the impact of rising interest rates and inflation will cause pressure next year but they are predicted to turn a corner in 2024.

The Independent UK

Economists warn of yet more tax rises to come as October borrowing hits £13.5bn

Chancellor of the Exchequer Jeremy Hunt has hit back at Tory critics of his £24 billion of tax rises (PA)

Evening Standard

UK to be second weakest performer of world’s big economies next year – OECD

Most countries’ forecasts cut as Ukraine war prompts ‘largest energy crisis since the 1970s’

The Guardian - UK

Government borrowing hits £13.5bn as energy bill support schemes begin

ONS estimates spending for October included around £3 billion on cost of energy support schemes

The Independent UK

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What on earth is going on with the massive Bulb bailout?

£4.6bn is an eye-watering amount for consumers to stump up – transparency from the government is long overdue

The Guardian - UK

Autumn statement is highly political compared to research on 'best' ways to fix public finances

The UK faces some significant belt-tightening following Chancellor Jeremy Hunt’s autumn statement, which announced spending reductions and tax rises of around £55 billion. Much research has been done into the best ways to do fiscal austerity in terms of reducing debt, avoiding economic damage and not exacerbating inequality. So how…

The Conversation

Warning issued to investors in Boohoo, Next, M&S and ASOS

The OBR's forecast of a 7% drop in living standards is to 'stretch the period of risk to retailers'

Birmingham Post

Did Jeremy Hunt’s budget rescue the Tories – or is the game up?

In the shadow of the Truss debacle and with hard times ahead, the chancellor faced a ‘politically impossible’ job, according to a former Tory minister. But the party’s morale is at rock bottom

The Guardian - UK

How Britain’s economic woes stack up against Europe’s – a close look at the figures

The UK’s money troubles spread from inflation and higher interest rates to sluggish productivity. But how do we compare with our European neighbours?

The Guardian - UK

Petrol could go up 12p a litre in spring fuel hike Jeremy Hunt didn't mention

Budget watchdog warns of 23% increase in pump costs in March if the Government doesn't step in to keep fuel duty frozen

Chronicle Live

Warning that petrol and diesel will rise by '12p a litre in March'

The Chancellor has been warned not to go ahead with any rise in fuel duty, but he's said today there has been no decision made and it is not Government policy

Wales Online

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Daily Mirror

Jeremy Hunt admits Boris Johnson's Brexit deal led to damaging trade barriers

The Chancellor, who yesterday unveiled an Autumn Statement which experts warn will inflict years of pain on millions of Brits, said it will "take time" to remove barriers affecting trade with the EU

Nottingham Post

'Hidden horrors' in the small print of Jeremy Hunt's Autumn Statement

From the highest tax burden since the Second World War, to a £250 bombshell rise for council tax payers

The Conversation

Jeremy Hunt's autumn statement is a poisoned chalice for whoever wins the next election

UK Chancellor Jeremy Hunt has produced a highly political autumn statement that throws forward major cuts in public spending to after the next general election. The accompanying economic forecast by the government’s Office for Budget Responsibility (OBR) confirms that the country is facing a recession, with unemployment rising, inflation still…

Wales Online

15 miserable details hidden in Jeremy Hunt's Autumn Statement

A close look at Thursday's budget shows a string of details buried in the small print which affect everyone

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Liverpool Echo

Fifteen key details from Autumn Statement including Universal Credit sanctions

Mr Hunt's statement outlined the government's response to the ongoing cost of living crisis

The Independent UK

Chancellor concedes Brexit made EU barriers and says migration ‘very important’

Jeremy Hunt insisted the UK would find a way to improve trading ties with the EU without rejoining the single market.

The Independent UK

Jeremy Hunt insists ‘no decision’ made on raising fuel duty by 23%

OBR documents have assumed the government will end the £65 billion fuel duty freeze

Wales Online

Council tax up £250 a year and 12p on petrol in autumn budget small print

600,000 more people could also now face Universal Credit sanctions, there is a new tax for electric car owners and house prices will drop 9%

Wales Online

Disposable income to suffer biggest drop since 1956

Watchdog shares grim outlook after Chancellor Jeremy Hunt outlines billions of pounds of stealth taxes and cuts

Fortune

America is heading for a soft landing while the U.K. is expecting its worst decline in living standards—ever

Americans are fretting over an expected recession, but the economy is in many ways strong. Things are gloomier in the U.K.

Evening Standard

Jacob Rees-Mogg criticises budget and refuses to blame Brexit for economic woes

The ex-business secretary said the Chancellor has taken ‘the easy option’ by increasing taxes

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