What time is the Autumn Statement on November 22?
Chancellor Jeremy Hunt is set to deliver his Autumn Statement today in the House of Commons. The statement is scheduled to take place at midday, usually starting around 12:30pm. It typically lasts about one hour and is followed by Shadow Chancellor Rachel Reeves' response and questions from other MPs. The Office for Budget Responsibility (OBR) will then publish a report on the state of the economy and its forecasts.
What is Jeremy Hunt expected to say?
The Autumn Statement is the government's annual fiscal event where plans for tax hikes, cuts, and other changes are outlined. Prime Minister Boris Johnson has stated that the Chancellor will focus on tax cuts in this year's statement. However, despite a record tax take, Jeremy Hunt is not expected to raise income tax thresholds. Instead, major cuts may be proposed to National Insurance contributions. There may also be discussions on benefits, including the possibility of using October's inflation figure to uprate benefits in the spring.
Jeremy Hunt is also expected to address state pension payments, potential changes to ISA rules, and support for first-time buyers. Other topics that may be addressed in the statement include local housing allowance, inheritance tax, stamp duty cuts, council tax hikes, business rates, and alcohol duty. Hard-up households will be eager to know if any more cost of living payments are in the pipeline.
