18 November 2022 - Hunt announces £25 billion in tax rises

Jeremy Hunt delivered his Autumn statement to the House of Commons yesterday. It contained the predicted mix of tax increases and spending cuts, and a fall in living standards of around 4% nationally. Twenty-five billion pounds worth of tax increases were delivered by way of the freezing of any increase in the thresholds for income tax until 2028. This means that as wages rise over the next five years, six million people will enter higher tax brackets. The highest rate of income tax was cut from one hundred and fifty thousand pounds to a little over one hundred and twenty-five thousand. Hunt announced that the triple lock on state pensions and means tested benefits will be maintained meaning that both will rise by September’s rate of inflation next April. While this announcement was cheered by Conservative MPs, it was little more than a confirmation of a manifesto pledge that was agreed by Boris Johnson last Spring. The minimum wage was also increased by close to 10%