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Autumn budget 2023: Key announcements from Jeremy Hunt's statement
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Energy bills will rise again in a blow to millions, as analysts warned that the tax cuts unveiled in chancellor Jeremy Hunt’s autumn statement would be “dwarfed” by other tax rises already in motion.
Experts lamented that ministers had “missed the opportunity” to announce extra support for households in desperate need this winter, as Ofgem announced its energy price cap would rise by 5 per cent in January, adding ￡94 to a typical gas and electricity bill.
Meanwhile, the chancellor insisted it was “silly” to suggest his ￡10bn of personal tax cuts were made with an eye on the looming general election, and denied that his simultaneous public spending freeze would result in worse public services – many of which are already buckling after years of austerity.
The autumn statement cuts are “dwarfed by tax rises already underway”, set to make households an average of ￡1,400 poorer, the Resolution Foundation said. The think-tank criticised the chancellor’s public spending freeze, asking: “What's the plan here? Abolish the criminal justice system and public transport maybe?”
Recommended What does the Autumn Budget mean for my money and the Tory party? Ask Sean O’Grady anything Why now is the time for Jeremy Hunt to rescue the high street What tax cuts can we expect, and will they make it harder for Labour? Budget: What’s in and out of Jeremy Hunt’s autumn statement? Hunt promises 110 measures for growth as he seeks to boost Tory election hopes
Key Points Jeremy Hunt ‘missed opportunity’ to ease energy bill increases Chancellor denies making tax cuts with eye on general election Households ‘will be ￡1,200 worse off' despite cuts in autumn statement ‘What’s the plan here?’: Hunt’s tax plans ‘risk completely implausible’ public spending cuts Economy to grow just 0.6% as OBR downgrades forecasts Recap: Taxes cut, pensions triple locked and benefits at threat in autumn statement
Show latest update 32 minutes ago Eye patients forced to go private or go blind due to soaring NHS waits
Patients are being forced to pay for private eye care or risk going blind as the backlog for NHS treatment soars, a survey of optometrists has found:
Eye patients forced to go private or go blind due to soaring NHS waiting lists One woman had to pay ￡3,000 for emergency eye treatment or risk going blind due to three-week NHS wait
Jane Dalton 23 November 2023 13:46
45 minutes ago We’re ready for election now, says Starmer
Sir Keir Starmer has said Labour is “ready for an election straight away”.
“The reason for that is because I don’t think that the British public, and the voters, can afford to wait any longer,” he said.
Jeremy Hunt’s tax-cutting triggered speculation about a general election next spring.
Jane Dalton 23 November 2023 13:32
49 minutes ago No 10 plays down fears of more harm to public services akin to austerity
Downing Street played down concerns that public spending plans for the next parliament will cause yet more damage to public services on a scale similar to the peak of austerity.
Rishi Sunak’s official spokesperson said: “Total departmental spending will be ￡85bn higher in real terms over the next five years compared to the start of this parliament. Departmental spending will continue to grow.
“You’ve also heard the chancellor talk about the need to improve productivity and to reduce the size of the civil service.”
The official rejected the Resolution Foundation think tank’s assessment that cuts to public spending would be similar in scale to the peak years of austerity.
“I don’t think when departmental spending is significantly increasing that is a claim that adds up”, he said, adding that significant sums are being invested into “priority areas” such as the NHS.
Andy Gregory 23 November 2023 13:29
1 hour ago Hunt’s autumn statement will help lay groundwork for next election, says Tory MP
The measures in Jeremy Hunt’s autumn statement will help lay the groundwork for the Conservatives at the next election, Conservative MP Sir Robert Syms has suggested.
The Poole MP told the Commons: “It is going to be an interesting year. I suspect most of the speeches in this House are going to look like party political broadcasts about who is doing what and who can do things better.
“But we all know to some extent ‘it is the economy, stupid’, and at the end of the day I suspect in October, November, of next year, it will be whether or not the government continues to make progress as it is making progress and whether people accept that, and they decide to hold on to nurse for fear of something worse, or whether or not they believe the rhetoric of the honourable member [Labour’s Jonathan Reynolds] and others that they can actually do better.”
Andy Gregory 23 November 2023 13:12
1 hour ago Hunt’s tax cuts ‘a surefire way to end up with rising debt’, says analyst
The Chancellor’s decisions in the autumn statement are “a surefire way to end up with debt rising over time”, an economist has said.
Thomas Pope, deputy chief economist at the Institute for Government, criticised Jeremy Hunt’s decision to spend virtually all of the extra money he was forecast to have on Wednesday while accepting higher borrowing at the Budget in March when forecasts were more negative.
Spending all of the “good news” when forecasts could still change was not “a sensible or responsible way of making fiscal policy”, said Mr Pope, adding: “That is a surefire way to end up with debt rising over time if you spend your good news and swallow your bad news.”
Andy Gregory 23 November 2023 12:56
1 hour ago Welfare spending to be kept under review, No 10 says
The government will keep welfare spending under review, Downing Street said while defending the breach of the welfare cap.
The Office for Budget Responsibility forecast that the welfare cap will be bust by ￡8.6 billion in 2024-25.
Rishi Sunak’s official spokespersonn told reporters: “This is an autumn statement where we’ve made decisions to help those most in need.
“We’ve provided tax cuts through national insurance contribution and we’re helping the most vulnerable through uprating benefits. I think people understand that given there are still challenges caused by the global headwinds that it is right to do so. Obviously, we keep that under review.
“What you’ve seen through the changes introduced through the Department for Work and Pensions is an approach whereby we are getting tougher on those who aren’t taking the support that’s being made available to them and removing their benefits.”
Andy Gregory 23 November 2023 12:28
2 hours ago Labour MPs ridicule Sunak’s appointment of ‘minister for common sense’
Esther McVey has insisted she is “committed to delivering common sense decisions” as opposition politicians teased the Tory MP in the Commons over reports of her new informal title as Rishi Sunak’s minister for common sense.
Labour MP Alison McGovern questioned whether Mr Sunak’s introduction of a minister for common sense was “an admission that you yourself don’t really have any”.
To illustrate the point, shadow minister Nick Thomas-Symonds pointed to the PM’s “struggles using a contactless card at a petrol station, and indeed his impression that private helicopter is the best way to get to Southampton”.
Ms McVey said: “I also have seen the reports in the paper describing me as the minister of common sense. And I appreciate the concept is a difficult one to grasp for the members on the other side of the bench there.
“But I am committed to delivering common sense decisions, such as delaying the ban on petrol and diesel cars, delaying the ban on oil and gas boilers, scrapping HS2 Birmingham to Manchester, reducing the overseas budget, all common sense policies that those on the opposite benches have voted against.”
Esther McVey said the Tory party is ‘full of common sense and I’m building on all those policies’
(Stefan Rousseau/PA)
Andy Gregory 23 November 2023 12:03
2 hours ago Fiscal watchdog relaxed about tax cuts because ‘borrowing is unchanged’
Office for Budget Responsibility chair Richard Hughes was asked why the fiscal watchdog was relaxed about the chancellor’s tax cuts in regards to inflation.
The Resolution Foundation said the tax cuts announced by Jeremy Hunt were the largest since 1988.
“In essence, because borrowing is unchanged,” Mr Hughes told a post-autumn statement event by the think tank. “Higher inflation is bringing in more tax revenue. And the Chancellor decided to give that back to taxpayers.”
Asked if inflation could have come down quicker without the tax cuts, he declined to comment, adding: “I only do one forecast at a time.”
Andy Gregory 23 November 2023 11:39
2 hours ago Hunt ‘missed opportunity’ to help millions struggling with energy bills
Millions of householders are set to pay 5 per cent more for their gas and electricity bills after the energy watchdog announced its latest price cap.
Bills for a typical energy user paying by direct debit will rise from ￡1,834 a year to ￡1,928, an increase of ￡94, Ofgem announced on Thursday. The new rates – which come into effect from 1 January – will cause dismay among the millions of people across the UK struggling with the cost of living.
Citizens Advice warned it was already helping record numbers with energy debt and was seeing more people than ever who can’t afford to top up their prepayment meter.
“Prices going up during the coldest part of the year will make life harder for millions of people already struggling to pay their bills,” said Gillian Cooper, director of energy at Citizens Advice.
“Yesterday, the government missed the opportunity to announce extra support for households who desperately need it this winter. The lack of action means far too many households will now be forced to choose between heating and eating this winter.”
Ofgem unveils price cap rise as millions to pay more for energy bills Gas and electricity bills to rise by nearly ￡100 as new price cap unveiled
Andy Gregory 23 November 2023 11:30
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3 hours ago Hunt insists it is ‘silly’ to say he made tax cuts with an eye on looming general election
Jeremy Hunt has insisted that it is “silly” to think about his tax cuts as a pre-election giveaway.
The chancellor told Sky News: “We haven’t chosen the most populist tax cuts. I think it’s silly to think about this in terms of the timing of the next election. We’re trying to make the right decisions for the long-term growth of the British economy.”
Mr Hunt insisted he had not discussed the timing of the general election with Rishi Sunak, but did not rule out an early spring Budget.
He told LBC that the national insurance cut will be brought forward from April to take effect in January because “I want to bring help for families as soon as possible” as energy bills continue to rise.
Asked if he could rule out February as the date for the next budget, the senior Tory said: “I can’t rule out anything because I haven’t taken any decisions. Normally it’s in March, but we will make a decision at the appropriate time.”
Andy Gregory 23 November 2023 11:13
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1/ 1Autumn statement: Energy price cap increase dampens Hunt’s ‘tax cuts’
Autumn statement: Energy price cap increase dampens Hunt’s ‘tax cuts’
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