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Chancellor to unveil spending cuts and tax rises

today17 November, 2022 3

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Chancellor to unveil spending cuts and tax rises

The chancellor will set out his plan for stabilising the UK economy and reducing inflation in his Autumn Statement at 11:30
Jeremy Hunt will pledge to face the economic “storm”, as he announces around £30bn in spending cuts and £24bn in tax rises
We understand the point at which highest earners start paying the top rate of tax will be lowered to £125,000 from £150,000
Support for energy bills is expected to remain in place – but become less generous from April 2023
There will be an increase in the National Living Wage from the current level of £9.50 an hour for over-23s
The BBC also understands the state pension and benefits will rise with inflation
His plan is seen as crucial for restoring economic stability and credibility after former chancellor Kwasi Kwarteng’s mini-budget sparked market turmoil

8:02 am 17 November, 2022

Written by: NOW Radio News