Jeremy Hunt who has been Chancellor of the Exchequer since 14 October 2022, has revealed tax rises and spending cuts aimed at mending the nation’s finances worth billions of pounds.
The Autumn Statement 2022 comes at a time of significant economic challenge for the UK and global economy. Growth is slowing and the International Monetary Fund (IMF) predicts a third of the global recession in the coming months.
This comes against a backdrop of higher levels of government debt due to the economic impacts of the COVID-19 pandemic and current energy crisis. Debt interest spending is now expected to reach a record £120.4 billion this year. These factors have contributed to a significant gap opening between the funds the government receives in revenue and its spending.
The government’s priorities are stability, growth and public services. And to achieve this aim, the government has reversed nearly all the measures in the Growth Plan 2022.
Putin’s illegal war in Ukraine has contributed to a surge in energy prices, driving high inflation across the world. Central banks have interest rates to get inflation under control, which pushed up the cost of borrowing for everyone.
Up to £8 billion of funding available for the NHS and adult social care in England in 2024-25. This includes £3.3 billion to respond to the significant pressures facing the NHS, enabling rapid action to improve emergency, elective and primary care performance, and introducing reforms to support the workforce and improve performance across the health system over the longer term.
The core schools budget in England will receive £2.3 billion of additional funding in each of 2023-24 and 2024-25
Government Documents available in full here
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