Chancellor Jeremy Hunt will deliver the Autumn Statement, announcing tax cuts and measures to support businesses in the UK.
Why it matters
The Autumn Statement is a significant event as it sets out the government's plans for tax and spending outside of the Budget. The announcement of tax cuts and support for businesses is aimed at boosting economic growth and addressing the cost of living crisis. It is relevant to individuals, businesses, and the overall economy.
What the papers say
The Telegraph puts emphasis on the permanent extension of full expensing for businesses and the government's focus on reducing debt, cutting tax, and rewarding hard work. The Independent highlights the challenging economic backdrop, the government's aim to help hard-pressed households, and the focus on measures to boost growth and productivity. The Times mentions Rishi Sunak's comparison of Labour's green investment plans with unfunded spending decisions and the government's commitment to reducing the tax burden in a responsible way.
How we got here
The Chancellor's Autumn Statement comes at a time of stagnant growth and high prices, with the government aiming to address these challenges and boost economic growth. Inflation has halved over the past year, providing some positive news for the economy.
More on these topics
Jeremy Richard Streynsham Hunt is a British politician serving as Member of Parliament for South West Surrey since 2005. A member of the Conservative Party, he served in the Cabinet from 2010 to 2019, most recently as Foreign Secretary from 2018 to 2019.
Rishi Sunak is a British politician serving as Chancellor of the Exchequer since February 2020. He was appointed Chancellor by the Prime Minister, Boris Johnson, following the resignation of Sajid Javid during a Cabinet reshuffle in 2020.
The Spring Statement of the British Government, also known as the "mini-budget", is one of the two statements HM Treasury makes each year to Parliament upon publication of economic forecasts, the second taking place the previous year as the Autumn Budget.