Jeremy Hunt Autumn statement LIVE: Tax rises for millions confirmed by Chancellor – along with end to stamp duty cut | The Sun

JEREMY Hunt today raised taxes and slashed spending in a scramble to balance the books – but put an arm around the poorest.

In his Autumn Statement the Chancellor hiked pensions and benefits by 10.1 per cent as well as lifting the National Living wage to £10.40.

To cushion rising energy costs he promised a whopping £900 cost of living payment to eight million benefits claimants and an extra £300 for vulnerable pensioners.

However millions of workers are being clobbered for more tax, with the richest bearing the brunt of changes to the thresholds.

In a mixed statement, Mr Hunt said recession-rocked Britain needs to “face into the storm” with tough choices to confront a £56billion black hole.

Read our autumn budget 2022 live blog for the latest news…

  • Joseph Gamp

    Hunt: Good education is a 'moral mission'

    Billions more will be invested in schools in England over the next two years, the Chancellor has announced as he described ensuring a good education for children as an economic and moral mission.

    Jeremy Hunt said the Government will invest an extra £2.3 billion per year in schools over the next two years.

    Announcing the rise in funding during the autumn statement on Thursday, he said "thank you" to heads, teachers and classroom assistants for their "brilliant work" which he said must continue in the current "difficult economic circumstances".

    He rejected calls to put VAT on independent school fees, saying it would be like "giving with one hand and taking away with another".

    He said while it could raise about £1.7 billion to increase core funding for schools, some estimates showed it could also result in up to 90,000 children switching from the independent sector to state schools.

  • Joseph Gamp

    Hunt says his new plan will 'rebuild our economy'

    Mr Hunt said: “In the face of unprecedented global headwinds, families, pensioners, businesses, teachers, nurses and many others are worried about the future.

    "So today we deliver a plan to tackle the cost-of-living crisis and rebuild our economy.

    "Our priorities are stability, growth, and public services. We also protect the vulnerable because to be British is to be compassionate and this is a compassionate Conservative government."

    Credit: PA
  • Joseph Gamp

    New policies confirmed in the Autumn Statement

    • Energy Price Guarantee to be cut – average household bill will climb from £2,500 to £3000
    • Triple lock to stay and pensions to rise in line with inflation
    • Benefits to rise in line with inflation
    • Households on means tested benefits to receive a £900 cost of living payment, alongside a £300 payment for pensioners and £150 disability payment
    • National living wage to rise by 10 per cent to £10.40/hr
    • Freeze on income tax thresholds until 2028
    • Extended windfall tax on oil and gas companies raking in mega profits
    • £150,000 threshold for the additional rate of income tax lowered to £125,140
    • From 2025 electric vehicles will no longer be exempt from vehicle excise duty
    • An extra £2.3bn per year will be invested into schools
    • An extra £2.7bn for social care over the next two years
    • An extra £6.6bn for the NHS over the next two years
    • £600bn of investment in the Sizewell C nuclear plant, Northern Powerhouse Rail, HS2 to Manchester, gigabit broadband rollout and a new hospitals programme
    • Joseph Gamp

      'Conservatives picking the pockets of everyone in Britain', claims Labour

      The Conservatives have picked the pockets and purses and wallets of the entire country, Labour shadow chancellor Rachel Reeves said.

      She told the Commons: "In the last hour, the Conservatives have picked the pockets and purses and wallets of the entire country as the Chancellor has deployed a raft of stealth taxes taking billions of pounds from ordinary working people.

      "A Conservative double whammy that sees frozen tax thresholds and double-digit inflation erode the real value of people's wages. Just one of those freezes, in the personal allowance, will cost an average earner more than £600."

    • Joseph Gamp

      OBR economic assessment predicts a rise in unemployment

      The OBR’s assessment of the economy said: "Rising prices erode real wages and reduce living standards by seven per cent in total over the two financial years to 2023-24 (wiping out the previous eight years’ growth), despite over £100 billion of additional Government support.

      “The squeeze on real incomes, rise in interest rates, and fall in house prices all weigh on consumption and investment, tipping the economy into a recession lasting just over a year from the third quarter of 2022, with a peak-to-trough fall in GDP of 2%.

      “Unemployment rises by 505,000 from 3.5% to peak at 4.9% in the third quarter of 2024.”

    • Joseph Gamp

      Government has forced economy into a 'doom loop', Labour says

      Rachel Reeves says the Government has forced the UK economy into a "doom loop".

      She told MPs: "Nobody doubts that the Covid pandemic and the war in Ukraine have had profound implications and the whole House is united in its condemnation of Russia's aggression.

      "But Britain's problems started before the Covid pandemic and they started before Russia's illegal invasion of Ukraine. The UK has grown by an average of 1.4% a year under the Conservatives compared to 2.1% a year in the Labour years before that.

      "We are the only G7 economy that is still poorer than before the pandemic."

    • Joseph Gamp

      Hunt's statement branded 'cost of chaos' budget by Lib Dems

      The Liberal Democrats' Treasury spokeswoman, labelled Autumn Statement the "cost of chaos budget". 

      Sarah Olney said: "This is the cost of chaos budget. Everyone is being forced to pay the price for this Conservative government’s incompetence. 

      "After crashing the economy and sending mortgage bills spiralling, the government is now inflicting eye-watering tax hikes and real-terms cuts to our public services. The country shouldn't be forced to clean up their mess. 

      "Britain needs a fair plan to get through this cost of living crisis, yet today confirms we have a chaotic Conservative government lurching from crisis to crisis. They have let oil and gas firms escape a proper windfall tax for months whilst shamelessly cutting taxes for the big banks. This is an out of touch Government which has no plan to help people with their bills."

    • Joseph Gamp

      Tory backbenchers jeer at opposition over appointment of former Labour Health Sec

      A large number of Tory backbenchers could be seen waving and jeering at Labour as the Chancellor announced a former Labour health secretary would advise the Government on the future of the NHS.

      Opposition MPs remained silent as Jeremy Hunt made the announcement about Patricia Hewitt.

    • Joseph Gamp

      Labour brands statement 'an invoice for economic carnage'

      Labour claims Jeremy Hunt's autumn statement is an "invoice for the economic carnage" of the mini-budget.

      Shadow chancellor Rachel Reeves told the Commons: "What does the Chancellor have to offer today? More of the same, with working people paying the price for his failure.

      "The Chancellor should have come here today to ask for forgiveness, at the very least he could have offered an apology, but no.

      "Instead he says that his predecessor was correct in his analysis at the mini-budget, the mini-budget that put our economy into freefall.

      "All the country got today was an invoice for the economic carnage that this Government has created.

      "Never again can the Conservatives be seen as the party of economic competence."

      Shadow chancellor Rachel Reeves responds to Jeremy Hunt's statementCredit: PA
    • Joseph Gamp

      Martin Lewis says he's pleased with today's announcement

      Mr Lewis said: "I am very pleased that both benefits and the state pension are being increased by the 10.1% September inflation rate.

      "It only happens from next April, and it will still be hard for many, but if it was less than this it would've been devastating."

      His comments come after Mr Hunt announced that both universal credit and pensions would go up in line with inflation.

    • Joseph Gamp

      Labour says economic 'crisis' has been 'created' by Downing Street

      This is a crisis formulated by Downing Street," says shadow Chancellor Rachel Reeves.

      "Ordinary working people are paying the price," she says.

    • Joseph Gamp

      Rachel Reeves says Hunt should have 'asked for forgiveness'

      Labour's Rachel Reeves says the country is in a "worse place that when we started the year".

      She asked the House of Commons: "What does the chancellor offer today?"

      She says all the country got today was an invoice to the "economic carnage" the government has created.

    • Jack Elsom

      Hunt wraps up his statement

      Jeremy Hunt says: "It is a balanced plan for stability, a plan for growth and a plan for public services. It shows that you don’t need to choose either a strong economy or good public services… …with the Conservatives and only the Conservatives you get both and I commend this statement to the House."

      Prime Minister Rishi Sunak congratulates Chancellor of the Exchequer Jeremy Hunt after he delivered his autumn statementCredit: PA
    • Jack Elsom

      Pensions to rise with inflation by 10.1 per cent 

      Jeremy Hunt confirms the pensions triple lock will STAY – meaning OAP payments will rise by 10.1 per cent in April.

      Tory MPs and Labour had been pushing for the Government to stick to its manifesto vow to hike the cash handouts in line with inflation.

    • Jack Elsom

      National Living Wage rising to £10.40

      Jeremy Hunt says the National Living Wage will rise from £9.50 to £10.40 from April.

      It is a 9.5 per cent boost for millions of lower earners.

    • Jack Elsom

      Benefits to rise by 10.1 per cent to match soaring prices  

      Millions of benefits claimants will have their payments hiked by 10.1 per cent, Jeremy Hunt announces.

      It’s a huge win for struggling Brits on Universal Credit following fears of a more modest increase of just 6 per cent.

    • Jack Elsom

      £150 disability payment

      The Chancellor has also announced another £150 disability payment, which will be sent to around six million Brits.

    • Jack Elsom

      Vulnerable pensioners to benefit from £300 

      Poorer pensioners will also receive a £300 bung to help with soaring heating bills, Jeremy Hunt announces.

    • Jack Elsom

      Hunt announces £900 cost of living payment for poorest

      Eight million Brits on benefits will get £900 cost of living payment to help cushion rising energy bills, Jeremy Hunt announces.

      In a repeat of the summer scheme, the money should drop into accounts from April.

    • Jack Elsom

      Typical energy bill to rise to £3,000 a year

      Jeremy Hunt announces the Energy Price Guarantee will be pared back, meaning the average annual bill will rise from £2,500 to £3,000 in April.

      While a hike, it is still much less than the £3,700 forecast by Ofgem if there was no cap in place.

    • Jack Elsom

      Brexit freedoms to drive growth

      Jeremy Hunt has vowed to unleash "Brexit freedoms" to turbocharge growth/

      He said: "By the end of next year, we will review and decide changes to EU regulations in our five growth industries: digital technology, life sciences, green industries, financial services and advanced manufacturing."

    • Joseph Gamp

      Martin Lewis clarifies Stamp Duty cut

      Martin Lewis has spelled out how the Chancellor won't reverse the Stamp Duty cut until 2025.

      The Money Saving Expert tweeted: "Kwasi's stamp duty tax cut will be reversed in 2025. So while currently you pay no stamp duty until property costs £250,000 (£400,000 for first-time buyers) will go back to £125,000 (and £300,000 for first time buyers)."

    • Jack Elsom

      HS2 to go ahead despite protests

      Jeremy Hunt confirms the HS2 rail line will press ahead despite anger from Tory MPs.

      He tells the Commons: "We will deliver the core Northern Powerhouse Rail. HS2 to Manchester. East West Rail.W

    • Joseph Gamp

      Hunt rejects calls to place VAT on independent school fees

      Mr Hunt just rejected calls to put VAT on independent school fees and said some estimates believe it could result in up to 90,000 children from the independent sector switching to state schools.

      He added: "Giving with one hand and taking away with another."

      The Chancellor said an extra £2.3 billion per annum will be invested in schools, noting: "Our message to heads, teachers and classroom assistants today is 'thank you for your brilliant work, we need it to continue and in difficult economic circumstances'.

      "A Conservative Government is investing more in the public service that defines all of our futures."

    • Jack Elsom

      New nuclear power plant confirmed

      The long-awaited announcement of nuclear power plant Sizewell C has been confirmed.

      Jeremy Hunt says: "Subject to final government approvals, the contracts for the initial investment will be signed with relevant parties, including EDF, in the coming weeks."

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