![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/businesses-brace-for-autumn-statement-stealth-tax-raid/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/TELEMMGLPICT000316437330_trans_NvBQzQNjv4BqZgEkZX3M936N5BQK4Va8RWtT0gK_6EfZT336f62EI5U.jpeg&description=Welcome to Autumn Statement day. This morning Chancellor Jeremy Hunt will be announcing the government's financial plans, the first such financial statements made under Rishi Sunak's premiership. Mr Hunt's statement comes after inflation hit its highest level for 41 years, driven mainly by increases in gas and electricity bills. "We aren't immune to these global headwinds, but with this plan for stability, growth and public services - we will face into the storm," he is expected to tell Parliament later today. The RAC and campaign group FairFuelUK, along with two dozen Conservative MPs including Priti Patel, Jonathan Gullis and Graham Brady, has urged Mr Hunt not to raise fuel duty in today's statement. "The current eye-watering pump prices continue to hurt small businesses and hardworking tax payers. With this year's VAT bonanza to the Treasury from the costs of filling up, a significant cut in Fuel Duty would be appropriate right now so people can keep more of their hard earned money," said Mr Gullis. The Chancellor is expected to begin addressing the House of Commons at around 11.30am. The Office for Budget Responsibility will deliver its own briefing on the economic and fiscal outlook at 2pm. Prime Minister Sunak has warned that inflation is the "enemy we need to face down" but will insist the decisions in Thursday's autumn statement will be "based on fairness, they will be based on compassion". 5 things to start your day 1) Chinese bid for Welsh chip factory blocked on national security grounds - Business Secretary Grant Shapps orders Nexperia to divest 86pc of its holding in Newport Wafer Fab 2) Second-hand car prices fall for first time in two years - Prices remain higher than before Covid despite first drop since the pandemic 3) Britain suffering unique 'labour market shock' from wave of early retirement and long-term sickness, says Andrew Bailey - Bank of England governor says UK is only industrialised economy suffering post-pandemic workforce shrinkage 4)){kind=link}
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Jeremy Hunt is expected to hit businesses with a series of stealth taxes as he tries to balance the public finances.
The Chancellor is expected to freeze the thresholds at which companies have to register for VAT, pay inheritance tax, capital gains tax and the pension lifetime allowance.
It comes as the RAC and campaign group FairFuelUK, along with two dozen Conservative MPs including Priti Patel, Jonathan Gullis and Graham Brady, has urged Mr Hunt not to raise fuel duty in today’s statement.
“The current eye-watering pump prices continue to hurt small businesses and hardworking tax payers,” said Mr Gullis.