9 Things to know about UK Autumn Budget 2022

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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.

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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.

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In his effort to weather the economic "storm," the chancellor proposed a number of "tough decisions," including tax rises.

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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.

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Mr. Hunt also disclosed that beginning in April, a government guarantee will cause energy costs to increase to £3,000 annually.

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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.

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"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.

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An increase from the existing 3% to 5% council tax increases without holding referendums will be permitted by local governments.

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The new total will be made up of 2% for the adult social care precept and 3% for general council tax.

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