Spotlight on pensions and income tax thresholds as Chancellor Jeremy Hunt attempts to balance the books
Taxes are expected to rise for everyone as the Government looks to plug a £50bn fiscal blackhole left by former prime minister Liz Truss’s mini-Budget.
Chancellor Jeremy Hunt is reportedly looking to implement £25bn worth of tax rises, alongside £25bn in spending cuts, in order to balance the books.
The policies he is rumoured to be planning for his Autumn Statement on November 17 include an extended freeze to income tax thresholds and potentially a cap to public sector pay, both of which would leave millions of workers hundreds or even thousands of pounds worse-off.
During his time as chancellor, Rishi Sunak suspended the state pension triple lock for 2022-23 to prevent it benefitting from a huge rise on the back of post-pandemic wage growth.