🔴 Chancellor Jeremy Hunt has now delivered the Autumn Statement — and with it revealed his plan to plug a £55bn hole in the public finances
Thread 🧵
telegraph.co.uk/business/2022/…
🔴 Mr Hunt is filling just under half of this black hole with a package of tax hikes worth around £25bn.
'We want low taxes and sound money, but sound money has to come first,' he told MPs
telegraph.co.uk/business/econo…
🔴 The rest of the hole – about £30bn – will come from spending cuts.
Yet Mr Hunt was keen to stress he would be protecting key parts of public services, telling MPs: 'To be British is to be compassionate'
telegraph.co.uk/business/econo…
🔴 The spending cuts include:
💷 Personal taxation = £5bn
💷 Windfall tax = £10bn
💷 Business taxes = £10bn
💷 Whitehall efficiencies = £22bn
💷 Other savings = £8bn
telegraph.co.uk/business/econo…
🔴 But could you suggest a better solution?
Explore policy options below to try to reduce the deficit for yourself with The Telegraph's #AutumnStatement tool 👇
telegraph.co.uk/business/econo…
🔴 But who are the winners and losers of the Autumn Statement?
Find out here 👇
telegraph.co.uk/tax/news/winne…
🔵 Winners
House buyers
The stamp duty cuts announced in the mini-Budget will last until March 31 2025
telegraph.co.uk/tax/news/winne…
🔵 Winners [continued]
Pensioners
Mr Hunt confirmed that the state pension triple lock would remain in place and state pension payments will rise by 10.1pc next April, based on September's inflation figure
telegraph.co.uk/tax/news/winne…
🔵 Winners [continued]
Energy bill payers
The Chancellor announced how the energy support package would work after the current scheme ends in April. Average bills will be capped for 12 months at £3,000
telegraph.co.uk/tax/news/winne…
🔴 Losers
High earners
Mr Hunt confirmed that the threshold for paying the 45p top rate of income tax would be lowered from £150,000 to £125,140
telegraph.co.uk/tax/news/winne…
🔴 Losers [continued]
Taxpayers
The freeze on income tax and National Insurance thresholds – currently frozen until 2025-26 – has been extended by two years until April 2028
telegraph.co.uk/tax/news/winne…
🔴 Losers [continued]
Investors
The tax-free dividend allowance will be reduced to £1,000 in 2023-24 and then to £500 in 2024-25
telegraph.co.uk/tax/news/winne…
🔴 Don't miss the key moments from the Autumn Statement and what it means for you ⤵️
telegraph.co.uk/business/2022/…
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