November 2022 United Kingdom autumn statement information
() November 2022 United Kingdom autumn statement
Presented
17 November 2022
Parliament
58th
Party
Conservative Party
Chancellor
Jeremy Hunt
‹ September 2022 mini-budget
2023›
The November 2022 United Kingdom autumn statement was delivered to the House of Commons on 17 November 2022 by Chancellor of the Exchequer Jeremy Hunt, after being delayed by three weeks from its original scheduled date of 31 October.[1] The budget addressed the ongoing cost of living crisis,[2] and saw the announcement of a five-year package of tax increases and spending cuts designed to steer the UK through recession. An economic forecast published on the same day by the Office for Budget Responsibility (OBR) stated the UK had entered a recession after experiencing two quarters of a shrinking economy, and predicted the UK's economy would shrink during 2023. A reduction in households' disposable income was also forecast.
In his statement, Hunt committed to maintaining scheduled public spending plans until 2025, but said that spending would slow after then. He also lowered the threshold at which earners become eligible to pay the top rate of income tax, and announced an increase in the National Minimum Wage, as well as increases for pensions and benefits in line with inflation. The Energy Price Guarantee was extended to April 2023, but raised from £2,500 to £3,000. Shadow Chancellor Rachel Reeves described the measures as "an invoice for the economic carnage" caused by the government of Liz Truss.
^"Rishi Sunak: What will the new PM and the Autumn Statement mean for my money?". BBC News. 26 October 2022. Retrieved 26 October 2022.
^Kemp, Ellie (26 October 2022). "Fiscal statement delayed until November, Downing Street confirms". Manchester Evening News. Retrieved 26 October 2022.
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