Thread by @TLDRNewsUK

💷 Chancellor Jeremy Hunt's #AutumnStatement is about to begin.

Tax rises and spending cuts are expected.

We'll be tweeting the big announcements in this thread. Follow along 👇

Hunt: Today we deliver a plan to tackle the cost of living crisis and rebuild our economy.

His priorities are stability, growth, public services and to protect the vulnerable.

1️⃣ Stability:

High inflation is the enemy of stability, Hunt says.

Hunt says OBR confirms that "global factors are the primary cause" of current inflation.

Hunt: Bank of England has "my whole-hearted support" and we will not change its remit.

Hunt says his predecessor Kwasi Kwarteng was "correct to identify growth as a priority" but "unfunded tax cuts are as risky as unfunded spending".

#AutumnStatement

OBR says UK economy now in recession, Jeremy Hunt says. #AutumnStatement

Hunt says the OBR confirms that "because of our plans" the recession is shallower, inflation is reduced, unemployment is lower.

Tax rises and spending cuts adde up to £55 billion, Hunt says.

Just under half comes from tax rises, just over half from spending cuts.

Hunt: "Although my decisions do lead to a substantial tax increase, we have not raised headline rates of taxation."

"Tax as a % of GDP will increase by 1% over next 5 years."

💷 NEW: Threshold for top 45p rate income tax lowered from £150,000 to £125,140
#AutumnStatement

Hunt: From 2025, electric vehicles will no longer be exempt from vehicle excise duty.

NEW: Stamp duty cuts announced in the mini-budget will end on 31 March 2025.

💷 NEW: Windfall tax expanded.

The Energy Profits Levy will be increased from 25% to 35%, between January 1st until March 28th.

New temporary 45% tax on electricity generators will be implemented.

💷 NEW: Allowances and thresholds for income tax, national insurance, inheritance tax to be frozen for a further two years until April 2028.

Means millions will end up paying more in taxes.
#AutumnStatement

Hunt: Government spending will continue to increase in real terms every year for the next 5 years but at a slower rate. 
#AutumnStatement

Work and Pensions Secretary will conduct "thorough review of issues holding back workforce participation". Will conclude early in the new year.

Hunt: Over 600,000 more people on Universal Credit will be asked to meet with a work coach "so they can get the support they need to increase their work hours or earnings."

Another £280m invested to help DWP crack down on benefit fraud and errors in next two years.

Hunt confirms defence budget will be maintained at at least 2% of GDP.

On overseas aid, "it won't be possible to return to the 0.7% target until the fiscal situation allows".
#AutumnStatement

Hunt confirms "despite the economic pressures we remain fully committed to the historic Glasgow climate pact agreed at COP26".

Sir Michael Barber has been appointed to look at how to improve prospects for school leavers, Hunt says.

💷 NEW: Extra £2.3bn per year to be invested in schools in 2023 and 2024.

"Because we want school standards to continue to rise, we're going to do more than protect the school budget - we'll increase it."

Hunt rejects calls to put VAT on private school fees.

Department of Health and Social Care & NHS will "publish an independently verified plan for the number of doctors, nurses and other professionals we'll need in 5, 10 and 15 years time."

Hunt asks NHS to "join all public services in tackling waste and inefficiency".

"We want Scandinavian quality alongside Singaporean efficiency."

🏥 NEW: NHS budget will be increased in each of the next two years by £3.3bn.

NHS CEO says "this should be provide sufficient funding for the NHS to fulfil its key priorities".

Hunt:
- Sizewell C nuclear plant will go ahead
- £6bn for new energy efficiency taskforce to reduce energy demands from buildings & industry by 15% by 2030
#AutumnStatement

Hunt confirms that core Northern Powerhouse rail, High Speed 2 to Manchester, and East West Rail will all go ahead.

NEW: New devolution deals will bring elected mayors to Suffolk, Cornwall, Norfolk and "an area in the north east".

Hunt will change approach to investment zones. Zones will now focus on "leveraging our research strengths by being centred on universities".

⚡️ NEW: Energy Price Guarantee will increase from £2,500 to £3,000 for a year from April. Means energy bills for millions may increase.

💷 NEW: Targeted support for cost of living.

Additional payments of £900 will be paid to those on means-tested benefits, £300 to pensioner households and £150 to people on disability benefits.

NEW: Government will cap the increase in social rents to a maximum of 7% in 2023/24.

💷 NEW: National Living Wage will increase from April next year by 9.7%.

£9.50/hr -> £10.42 for over-23s

💷 NEW: Benefits will rise in line with inflation (10.1%), Hunt says
#AutumnStatement

💷 NEW: The state pension will rise in line with inflation (10.1%), Hunt says.

Means government is sticking to its triple lock pledge.
#AutumnStatement

That's about it for the announcements!