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Chancellor Jeremy Hunt defended his autumn statement and denied he was postponing tough decisions, with many of the toughest cuts not due to come into effect until after the next general election. “I think a Tory chancellor standing up in the Commons and announcing £25bn of tax rises, I don’t think anyone would say they’re postponing a horrible decision,” he told ITV’s Peston show. In an interview with BBC political editor Chris Mason, he said his plan would reduce inflation. “These are real challenges for families up and down the country,” he said. “I’m not pretending it’s not going to be tough times, but there’s a plan, there’s hope — and if we follow that plan, if we stick to it, we can get through to the other side.” Former cabinet minister Jacob Rees-Mogg was among those in Hunt’s party to criticize the statement, accusing the chancellor of taking the “easy option” of imposing taxes. Mr Hunt set out plans for almost £25bn in tax rises and more than £30bn in spending cuts by 2027-28

Basic points

Hunt warns of “real challenges” for families Hunt denies he is postponing the “horrible decision” until after the election The autumn statement sets the stage for a “bleak” decline in living standards Economy to shrink by 2% as public debt soars, watchdog says Labor says UK stuck in ‘Tory doom loop’

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The next two years will be “challenging”, says the chancellor

Jeremy Hunt has warned that the next two years will be challenging. The chancellor told Sky News his autumn statement package would help the economy “to a balance”, but added: “The next couple of years will be difficult. “But I think people want a government that takes tough decisions, has a plan that will bring down inflation, stop these big increases in the cost of energy bills and the weekly shop, and at the same time take action to overcome this. tough period”. Maryam Zakir-Hussain 18 November 2022 07:26 1668755418

This is not a government. It is a rolling experiential work of art

Another day, then, to breathe it all in. Facts that we shouldn’t try to understand, but just wonder. The Tory party, once again, in all its glory, its majesty. At its most shocking, most wonderful ridiculousness. It’s not a government, it’s a rolling experiential performance piece whose latest character at the center is Jeremy Hunt. Sravasti Dasgupta18 November 2022 07:10 1668754218

The killer line from the budget

“Are my family and I better off with a Conservative government? And the answer is no.” This was the killer line from the shadow chancellor’s response to the autumn budget today, the one that will get all the footage on the evening news. It also confirmed something I’ve been thinking for a while: Labor has a new ‘big punch’. Sravasti Dasgupta18 November 2022 06:50 1668753018

Rees-Mogg criticizes Hunt’s autumn statement

Former business secretary Jacob Rees-Mogg accused Jeremy Hunt of taking the “easy option” in Thursday’s Autumn Statement. He said the country needed lower taxes to boost growth after Mr Hunt acknowledged the UK was already in recession. Mr Rees-Mogg criticized the chancellor’s approach and said: “I think we need to look at the efficiency of the government to make sure money is being spent well before we take the easy option of taxing.” “What we really need to do is have a strategy for growth and we’re looking to cut taxes,” he told Channel 4 News. Jacob Rees-Mogg criticized the Autumn Statement (Peter Byrne/PA) (PA file) Sravasti Dasgupta18 November 2022 06:30 1668751818

What are secrecy taxes?

Jeremy Hunt unveiled a package of £24bn of tax rises and £30bn of spending cuts to plug a huge funding black hole in Treasury coffers and reassure global financial markets that Britain remains a reliable trading partner. His plan had indicated in advance that it would contain a series of “stealth taxes” to raise additional income from income tax, national insurance, pension savings, inheritance tax and VAT in the long to medium term. But what exactly is meant by the term “secrecy tax”?

What are secrecy taxes?

Chancellor Jeremy Hunt delivers autumn statement to parliament setting out package of £24bn tax rises and £30bn spending cuts to plug huge public funding black hole Sravasti Dasgupta18 November 2022 06:10 1668750618

ICYMI: All the key points from Jeremy Hunt’s statement

Jeremy Hunt has released his autumn statement, confirming tax rises for millions and deep cuts to public spending as he seeks to repair public finances after a series of economic crises. Mr Hunt has set out around £30bn in spending cuts and £24bn in tax rises over the next five years. Matt Mathers details some of the measures included in the budget and what they mean: Sravasti Dasgupta18 November 2022 05:50 1668749411

Jeremy Hunt’s Autumn Budget: What he said – and what he really meant

What he said: “We are honest about the challenges and fair in our solutions.” What he meant: “Liz Truss sold you fairy tales and Labor is pretending her tax cuts for the rich are still happening.” Our chief political commentator John Redoul imagines what the chancellor was thinking as he delivered his budget speech. Sravasti Dasgupta18 November 2022 05:30 1668748211

The autumn statement sets the stage for a “bleak” decline in living standards

In his autumn statement designed to rein in inflation and restore financial stability, Jeremy Hunt imposed stealth taxes totaling £25bn and £30bn of cuts to public services to plug a £55bn gap in the government’s books. Institute for Fiscal Studies director Paul Johnson said: “The coming years look bleak in terms of living standards, the biggest drop in household incomes possibly on record and certainly in generations.” “Painful” interest payments on public debt are at their highest level since 1948 at 4.8 per cent of GDP and will soon exceed £100 billion a year, more than spending on any public service except the NHS, he said. Andrew Woodcock, Rob Merrick report: Sravasti Dasgupta18 November 2022 05:10 1668747011

Hunt denies he is postponing the “horrible decision” until after the election

Jeremy Hunt denied he was putting off “a horrible decision” in his Autumn Statement, despite postponing spending cuts until after the next election. The chancellor told ITV’s Peston programme: “Well, I think a Conservative Chancellor standing up in the Commons and announcing £25bn of tax rises, I don’t think anyone would say they’re postponing a horrible decision. “This is tackling this problem head on and what support we can give the economy over the next couple of years, of course while we’re going through a recession. “But ultimately what the country wants, what the families want, is the confidence that comes from being honest about the problems but also from having a plan that gives them hope for the future that we can overcome this, as we absolutely can. “ (Parliament of the United Kingdom) Sravasti Dasgupta18 November 2022 04:50 1668745811

Hunt warns of “real challenges” for families

Jeremy Hunt warned of real challenges for families, defending his Autumn Statement. In an interview with BBC political editor Chris Mason, Mr Hunt said: “These are real challenges for families up and down the country.” “I’m not pretending that it’s not going to be tough times, but there’s a plan, there’s hope – and if we follow that plan, if we stick to it, we can get through to the other side. “We have to be judicious in how we do this. We don’t want to make the recession worse.” He also denied he had been forced to raise taxes and cut spending because of the turmoil caused by former prime minister Liz Truss’ mini-budget. He said the government had “fixed” mistakes within weeks. Jeremy Hunt defended his plans (Stefan Rousseau/PA) (PA wire) Sravasti Dasgupta18 November 2022 04:30