Source : Getty Images
Jeremy Hunt declared the UK to be in a recession as he published his autumn budget, warning that rising prices could cause a collapse in living standards.
Source : Getty Images
Additionally, the Office for Budget Responsibility anticipated that between 2023 and 2024, more than 500,000 jobs would be lost and real incomes would decline due to inflation.
Source : Getty Images
In his effort to weather the economic "storm," the chancellor proposed a number of "tough decisions," including tax rises.
Source : Getty Images
He predicted that public spending would increase more slowly than the economy and that the top income tax rate's threshold would decrease from £150,000 to £125,000.
Source : Getty Images
Mr. Hunt also disclosed that beginning in April, a government guarantee will cause energy costs to increase to £3,000 annually.
Source : Getty Images
Benefits and state pensions will increase due to inflation, which will increase by 11.1%, while the national living wage will increase by 9.7% to £10.42 the next year.
Source : Getty Images
"This government has put our economy into a doom loop where low growth leads to greater taxes, lower investments, and squeezed wages," said shadow chancellor Rachel Reeves.
Source : Getty Images
An increase from the existing 3% to 5% council tax increases without holding referendums will be permitted by local governments.
Source : Getty Images
The new total will be made up of 2% for the adult social care precept and 3% for general council tax.
Source : Getty Images