Britain in lost decade for living standards as Jeremy Hunt squeezes public finances by £55bn Latest here HugoGye.
Britain is facing a lost decade of living standards with average incomes set to crash by the highest rate on record over the next two years amid high inflation,Jeremy Hunt promised to cut the deficit by £55bn in order to balance the books – but his Autumn Statement deferred nearly all the pain until after the next general election.will raise progressively more each year. Big businesses and the richest individuals will bear the brunt of the tax increases.
The Chancellor said he would raise £14bn next year by increasing and extending the windfall tax on energy producers, and lowered the threshold at which people start paying the top 45p rate of income tax – less than two months after his predecessor Kwasi Kwarteng proposed scrapping the rate altogether.
After 2025, Government day-to-day spending will increase by 1 per cent in real terms and the investment budget will remain flat – saving £35bn compared to the previous plans which would have seen spending grow more rapidly.
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