Jeremy Hunt to outline £60bn of tax rises and spending cuts

Jeremy Hunt will set out tax rises and spending cuts totalling £60bn at the autumn statement under current plans, including at least £35bn in cuts, the Guardian understands.

by | 6 Nov, 2022

Ministers must submit the key points of the autumn statement to the Office for Budget Responsibility (OBR) by Monday morning.

Treasury sources also said that decisions on whether to raise benefits in line with inflation and whether to change the pensions triple lock were likely to be made within days so that the OBR could factor them into forecasts.

Tory MPs have already protested against previous suggestions of breaking the triple lock, which would raise pensions in line with inflation, and linking benefits to wages rather than inflation.

Early drafts of the statement contain plans for up to £35bn of spending cuts and up to £25bn of tax rises, which are likely to include freezing income tax thresholds and targeting dividend tax relief.

Read more at The Guardian

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