Autumn Statement 22: Hunt declares £55bn in tax rises and spending cuts as UK enters recession

'Stability, growth and public services'

Chancellor Jeremy Hunt declared £55bn in tax rises and cuts to public spending in his Autumn Statement today (17 November), aiming to stabilise the economy following a period of economic turmoil.

The chancellor said he aimed to prioritise "stability, growth and public services" in the statement, following news that inflation hit 11.1% in the UK last month. He warned that "high inflation is the enemy of stability", stating that inflation was now predicted to average 9.1% this year and 7.1% in 2023. He then confirmed the Office for Budget Responsibility had declared the UK is currently in recession, with GDP falling by 1.4% next year. The chancellor then laid out his Autumn Statement, stating that a short term use of fiscal policy to support the economy was necessary, leading...