Labour describes autumn statement measures as ‘invoice for the economic carnage’ of disastrous mini-budget under Liz Truss
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Jeremy Hunt has announced a series of tax rises and spending curbs, as official forecasts showed that a recession is expected to in effect wipe out eight years of growth for Britons.
In a lengthy and policy-packed autumn statement – a budget in all but name – the chancellor warned of difficult times to come, with GDP forecast to contract by 1.4% next year and inflation to remain above 7%, but sought to put off much of the pain to future years. He blamed the economic crisis on global factors including the war in Ukraine.
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