Support 110 years of independent journalism.

  1. Politics
  2. UK Politics
17 November 2022

What will Jeremy Hunt unveil in his Autumn Statement today?

The Chancellor is expected to announce £24bn of tax rises – and some senior Tory MPs are already expressing dissent.

By Freddie Hayward

At 11.30am Jeremy Hunt is expected to arise in the House of Commons chamber and deliver the biggest package of tax rises and spending cuts for a decade.

It’s worth remembering how we got here. The market reaction to Kwasi Kwarteng’s mini-Budget in September led the then-chancellor to promise a “medium-term fiscal plan” with a full forecast from the Office for Budget Responsibility on 23 November. Then pressure from MPs and the markets forced him to bring it forward to Halloween. Then he was sacked. Then Liz Truss resigned. Then Rishi Sunak came in and delayed the announcement – thankfully renamed the Autumn Statement by this point – to today. And here we are. The deepest programme of tax cuts in 50 years has become a return to austerity in just two months.

What might Hunt announce? A freezing of tax thresholds for income tax, national insurance and others. A reduction in the threshold for the top 45p rate of tax. Increases in council tax. Real terms cuts to public spending and the lifting of the energy price cap to an average of £3,000 a year from April. Hunt may introduce many of his public spending cuts from 2025, in the hope that by then they won’t be necessary. In total, he is expected to announce £30bn of spending cuts and £24bn of tax rises over the next five years.

[See also: Escaping the austerity trap]

The response to his plans will be at the forefront of the Chancellor’s mind. Particularly from the markets, his own MPs, and lastly (and yes, probably least) voters. Over the next few days, watch out for Conservative MPs expressing their dissent at taxes going up. A couple of senior Tory MPs – Esther McVey and Iain Duncan Smith – have already spoken out. More may do so once the immediate chaos of the past two months passes, stability returns and infighting becomes more socially acceptable. 

Select and enter your email address Your new guide to the best writing on ideas, politics, books and culture each weekend - from the New Statesman. A quick and essential guide to domestic politics from the New Statesman's Westminster team. A weekly newsletter helping you understand the global economic slowdown. The New Statesman’s weekly environment email. Stay up to date with NS events, subscription offers & updates.
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU

Today is the most important moment of Rishi Sunak’s premiership so far. It will set the parameters of politics from now until the next general election. Much of the statement has already been briefed to the media and Jeremy Hunt has promised that no rabbits will be taken out of any hats.

But let’s see. We will be covering the autumn statement developments here.

Content from our partners
How software will make or break sustainability
Sustainable finance can save us from the energy crisis – with the Luxembourg Stock Exchange
How trailblazers are using smart meters to make the move to net zero

[See also: Jeremy Hunt’s Autumn Statement was a George Osborne tribute]