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What time is the Autumn Statement today? When to watch Jeremy Hunt’s announcement live and latest predictions

Chancellor Jeremy Hunt will ship his Autumn Assertion at the moment, along with his focus firmly on lowering the nation’s deficit.

It comes within the wake of reports that UK inflation rose to 11.1 per cent in October – a 41-year-high. Excessive inflation, brought about largely by hovering vitality costs, has led to a price of residing disaster that has left many households and companies struggling to make ends meet.

You are reading: What time is the Autumn Statement today? When to watch Jeremy Hunt’s announcement live and latest predictions

The Chancellor has warned that “selections of eye-watering issue” lie forward, including that the Authorities “shall be asking everybody for sacrifices”.

Right here’s every part it is advisable to know in regards to the Autumn Assertion, together with easy methods to watch and what to anticipate.

What time is the Autumn Assertion?

The Autumn Assertion is anticipated to be delivered by the Chancellor at 11.30am within the Home of Commons.

There’ll then be an announcement on the state of the financial system and a response to former chancellor Kwasi Kwarteng’s disastrous September min–funds at 2pm by the Workplace for Finances Accountability.

How can I watch stay?

There shall be a stay stream of the Autumn Assertion proper right here on this web page.

You may as well watch it on BBC Information and Sky Information on tv. BBC Information might be accessed on-line by way of BBC iPlayer, whereas Sky Information has a stay YouTube feed.

Autumn Statement live: Chancellor Jeremy Hunt delivers budget statements in Commons

What may Jeremy Hunt announce?

The Chancellor’s plans shall be in stark distinction to the tax cuts introduced by Mr Kwarteng. In his first speech as Prime Minister, Rishi Sunak stated the nation was “dealing with a profound financial disaster”, pledging to “place financial stability and confidence on the coronary heart of this Authorities’s agenda”.

Eliminating the deficit over the subsequent 5 years may require greater than £30bn of fiscal tightening. This might imply spending cuts of as much as 2 per cent, much like the ranges of austerity seen underneath the Coalition authorities in 2010.

Mr Hunt is ready to unveil a £54bn bundle of tax hikes and spending cuts. Right here’s what he may announce.

Public sector pay

It has been reported that the Chancellor could resolve to restrict public sector pay will increase to 2 per cent, making it virtually sure that NHS staff, police and academics will as soon as once more undergo a real-terms pay minimize, given the elevated ranges of inflation.

This comes after nurses voted to strike over pay this week. This transfer can be unpopular, however the Chancellor could argue it’s mandatory, as public sector pay is the Authorities’s largest outgoing.

Pensions and advantages

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Mr Hunt seems set to maintain the state pension triple lock intact, and will additionally increase advantages in step with inflation. This might value a mixed £11bn subsequent 12 months, however would forestall a rebel from some Tory MPs and avert at the least some criticism that the choices are unfair.

Members of Cupboard, together with Michael Gove, have beforehand warned towards going again on the manifesto dedication of sustaining the pensions “triple lock” as inflation soars previous 11 per cent.

The Authorities can be conscious that elevating pensions in step with inflation, however not doing so with advantages, would draw criticism that it doesn’t care about society’s most weak folks. However with Mr Hunt contemplating as much as £35bn of “fiscal tightening”, any further spending would depart extra extreme financial savings and better tax hikes required elsewhere.

Private taxes

The Chancellor may announce freezes to numerous tax thresholds, together with earnings and inheritance tax. As chancellor, Rishi Sunak froze earnings tax thresholds till April 2026, and there are solutions that this freeze may very well be prolonged for one more two years – taking it to April 2028 – in an effort to internet the Treasury round £4bn a 12 months.

Freezing the earnings tax thresholds signifies that as wages rise, extra folks shall be dragged into paying the 40 per cent higher-rate earnings tax bracket, and lots of extra will begin paying earnings tax for the primary time. The present tax thresholds are £12,570 (fundamental fee), £50,270 (increased fee), and £150,000 (further fee).

The Chancellor can be set to focus on increased earners by lowering the edge for the upper fee of tax from £150,000 to £125,000, costing them round £580 a 12 months. This may have an effect on some 250,000 folks.

Inheritance tax

The speed at which households begin paying inheritance tax has been frozen since 2009, and this freeze may very well be prolonged. Had it saved tempo with inflation, the place to begin at which you pay tax ought to be £460,000 relatively than £325,000.

Inheritance tax is forecast to boost £6.7bn for the Treasury this 12 months – up from £6bn in 2021 and £3.1bn a decade in the past – brought about each by the frozen threshold and the rise of property costs.

At the moment, most households within the UK won’t have to fret about inheritance tax. It’s only utilized to property value greater than £325,000. If you’re passing on a household dwelling to direct dependants, similar to kids or grandchildren, you get an extra allowance of £175,000.

Married {couples}, or these in a civil partnership, can mix their allowances. So households could solely must pay inheritance tax, which has a tax fee of 40 per cent, on estates value greater than £1m.

Enterprise taxes

Mr Hunt has already confirmed that company tax will rise to 25 per cent in April subsequent 12 months. There may be additionally rising hypothesis that the Chancellor may minimize the tax-free dividend allowance from £2,000 to £1,000, and lift the dividend tax fee by 1.25 share factors.

Such a transfer can be a serious blow for small companies and entrepreneurs – a complete of six million pay their tax by way of a restricted firm and they might be impacted by any change. A restricted firm proprietor with a turnover of £50,000 a 12 months would pay £5,000 extra in tax underneath this mix of company and dividend tax rises than an employed individual on the identical wage.

The present dividend tax charges are 8.75 per cent for fundamental fee taxpayers, 33.75 per cent for increased fee taxpayers, and 39.35 per cent for extra fee taxpayers, and more cash will fall underneath this tax if the tax-free fee is diminished.

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Value of residing assist

It has been reported that the Chancellor could prolong value of residing assist, together with a second £650 grant for folks on means-tested advantages, one other £150 cost for folks on incapacity advantages, and one other £300 cost for pensioners.

The Authorities has neither confirmed or denied these stories.

All households will, nonetheless, nonetheless face a major rise in common vitality payments, because the Authorities will increase the vitality value assure from a mean of £2,500 to as a lot as £3,100 from April.

It additionally seems unlikely that the £400 vitality rebate, that’s being given to all households, shall be prolonged.

Minimal wage

The nationwide residing wage may reportedly improve to about £10.40 – an increase of virtually 10 per cent – from April 2023. The charges for youthful folks may improve by an identical proportion.

Council tax

The Chancellor is reportedly contemplating permitting native authorities to impose bigger rises in council tax subsequent 12 months to boost cash for social care.

It means the common Band D council tax invoice may surpass £2,000 for the primary time ever – one other main blow for households already struggling to maintain up with hovering inflation and vitality payments.

Beneath present guidelines, councils with social care tasks should set off a referendum to extend council tax by greater than 2.99 per cent.

The Day by day Telegraph has reported that this may very well be modified to permit rises as much as 5 per cent and not using a public vote.

Windfall tax

In a money-making transfer, the Chancellor could prolong the Vitality Earnings Levy – additionally known as the windfall tax – on oil and fuel corporations.

Already set at 65 per cent by Mr Sunak, when chancellor, it may now be elevated to 70 per cent and prolong it from 2025 to 2028.

Officers are additionally stated to be taking a look at extending the levy past oil and fuel corporations to electrical energy turbines.

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