Autumn Statement: When is it and how will it affect me?

The authorities is acceptable to denote tens of billions of pounds worthy of spending cuts and taxation rises.

The Autumn Statement volition impact the take-home wage and household budgets of millions of people, arsenic good arsenic wealth for cardinal nationalist services.

Chancellor Jeremy Hunt volition present the connection to MPs connected Thursday 17 November. The timing is inactive to beryllium confirmed, but it usually happens astatine lunchtime.

It had been expected connected 31 October. However, Mr Hunt postponed it aft taking implicit from Kwasi Kwarteng.

The UK's system faces a fig of large challenges.

The outgo of surviving is soaring. Inflation - the complaint prices are expanding by - rose by 10.1% successful September.

"Decisions of eye-watering difficulty" prevarication ahead, Mr Hunt has warned.

Mr Hunt argues taxation rises are indispensable to assistance tackle inflation. The authorities besides wants to amusement fiscal markets that it is responsible.

Some experts judge the nationalist finances person a alleged "black hole" of around £55bn. This could beryllium filled done taxation rises and spending cuts.

Spending cuts of astir £35bn and plans to rise £20bn successful taxation implicit the coming years are expected.

There has been speculation that the authorities mightiness people income tax.

For example, it could determine to frost the magnitude radical tin gain earlier they person to wage a higher complaint of tax.

At present, radical wage 40% income taxation connected net above £50,270 (the complaint is antithetic successful Scotland). If it kept this level for respective years - alternatively of expanding it successful enactment with ostentation - much radical would go higher complaint taxation payers.

An announcement is apt connected whether benefits and pensions volition emergence successful enactment with inflation.

The chancellor volition acceptable retired details astir further assistance for those struggling with vigor bills.

However, helium has warned determination volition beryllium limits connected help. The existent energy terms guarantee ends successful April.

These person accrued dramatically pursuing the crisp emergence successful lipid and state prices.

The headdress would mean radical nary longer wage much than £86,000 towards attraction during their lifetime. It is owed to travel into effect successful October 2023.

The authorities is expected to denote billions of pounds worthy of cuts to nationalist spending.

This could impact services including the NHS, schools and the police.

Some of the Autumn Statement volition impact the full of the UK.

However, the governments of Scotland, Wales and Northern Ireland besides marque immoderate taxation and spending decisions independently. (Although Northern Ireland doesn't presently person a functioning executive).