The figures are dire, UK to have worst economic decline in Europe next year | Autumn Budget analysis

by 24britishtvNov. 17, 2022, 5:50 p.m. 15
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Jeremy Hunt has raised taxes on the wealthiest in society to fund retaining the state pension triple lock and increasing benefits in line with inflation. The Telegraph's Associate Editor, Camilla Tominey dissects the Autumn budget and gives you an insight as to how Mr Hunt's budget will affect everyday households. Mr Hunt unveiled an Autumn Statement today which contained punishing tax rises and public spending cuts worth £55 billion. The Chancellor reduced the threshold at which people pay the 45p top rate of income tax from £150,000 to £125,140, froze a range of tax allowances and also extended the windfall tax on energy giants. The measures will mean the UK's tax burden will reach its highest level since 1948, the Office for Budget Responsibility (OBR) confirmed. Disposable income will also see its biggest fall on record, the OBR added, plummeting back to 2013 levels as the cost-of-living crisis bites. "Although my decisions today do lead to a substantial tax increase, we have not raised headline rates of taxation, and tax as a percentage of GDP will increase by just one per cent over the next five years," Mr Hunt told MPs. The Chancellor said the "difficult decisions" he had made on tax had allowed him to keep the triple lock on pensions and increase welfare payments in line with inflation. He also pledged to give an extra £3.3 billion to the NHS in each of the next two years. Subscribe to The Telegraph with our special offer: just £1 for 3 months. Start your free trial now: https://www.telegraph.co.uk/customer/subscribe/digitalsub/3for1/?WT.mc_id=tmgoff_pvid_conversion-subscription_editorial-iniative_03-22_EGW-13_organic_youtube Get the latest headlines: https://www.telegraph.co.uk/ Telegraph.co.uk and YouTube.com/TelegraphTV are websites of The Telegraph, the UK's best-selling quality daily newspaper providing news and analysis on UK and world events, business, sport, lifestyle and culture. #AutumnBudget #UKPolitics #Hunt

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