Standing on the steps of Downing Street as Britain’s new prime minister in September, Liz Truss vowed to “ride out the storm”. Today, her successor’s chancellor will warn that Britain must now face into it as he announces the biggest package of tax rises and spending cuts in more than a decade in an attempt to correct her mistakes.
Unlike the secrecy shrouding Kwasi Kwarteng’s mini-budget in September, informed predictions of today’s autumn statement mean its shape is well known. Anticipated measures include £30 billion worth of spending cuts and £24 billion in tax rises over five years; stealth raids on income tax, national insurance, pension savings, inheritance tax and VAT; 250,000 people pulled into the top rate of income tax; a hike in council
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