Chancellor Jeremy Hunt will promise that the plans he is set to unveil in his Autumn Statement today (17 November) will weather an economic “storm” and “work together” with the Bank of England.
Hunt is expected to unveil a package of tax rises worth £25bn and spending cuts of £35bn over the next five years in an effort to plug a £60bn funding black hole in the UK's public finances and rebuild the country's reputation as a trusted trading partner. In the statement, expected at 11.30am, the chancellor will tell MPs that his statement will put the UK on a "balanced path to stability" as he tackles high inflation, which jumped to a 41-year high in October, what he will call "the enemy of stability". "We are taking a balanced path to stability: tackling the inflation that eats aw...
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