With Jeremy Hunt spending most of his headroom, the next government will be in the tricky position of having to raise taxes or squeeze the public sector
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It was an autumn statement that fired the starting gun on election-friendly tax policies, fuelling speculation that Rishi Sunak was leaving his options open for going to the polls in late spring next year.
Out went the politically divisive idea of a cut to inheritance tax for the wealthiest, and in came a speech with broader electoral appeal: a cut to national insurance and a large increase to state pensions.
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