![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/the-repair-budget-to-defuse-a-financial-timebomb/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/127623643_mediaitem127623642.jpg&description=Image source, Getty ImagesImage caption, Stabilising record rises in food prices will be key in the government's latest BudgetOn Thursday we will see a repair Budget that seeks to complete the job of defusing the timebomb set off under Britain's finances by Liz Truss' mini-Budget.The central message of this week's Autumn Statement will be about "restoring stability" and "getting inflation down".It will be the detail of the plan already promised and accounted for by the people who lend the Government money, in the aftermath of this Autumn's fiscal fiasco.The challenge is to present a set of numbers that add up, and a set of policies that will actually pass through Parliament.This may be Jeremy Hunt's debut budgetary statement, but his two predecessors didn't even last long enough to hold the famous Red Box outside Number 11. That is what counts as success these days.So the inescapable lesson of the past few weeks is that these announcements have to be both economically and politically credible.Independent forecasts from the Office for Budget Responsibility (OBR) will finally see the light of day, having been first produced for the very first day of Kwasi Kwarteng's tenure in office. Their repeated absence from earlier plans is now identified by the new Chancellor as the key reason for the recent chaos.But a consequence of the OBR's glum draft forecasts for the state of an economy - hit by the pandemic, the Ukraine war, and some aspects of Brexit - is a slower one, hit with tax revenues, higher spending, and higher interest payments on debts. All that means the UK's stock of debt would be on the rise in a few years' time. That goes against this Government's self defined targets for "responsible" finances. Setting a plan for a declining national debt by 2027-28 will require tens of billions of pounds worth of both spending cuts and tax rises. It is this plan, the Autumn Statement, that we get on Thursday.In broad terms, spending will be squeezed after 2025 from current){kind=link}
On Thursday we will see a repair Budget that seeks to complete the job of defusing the timebomb set off under Britain’s finances by Liz Truss’ mini-Budget.
The central message of this week’s Autumn Statement will be about “restoring stability” and “getting inflation down”.
It will be the detail of the plan already promised and accounted for by the people who lend the Government money, in the aftermath of this Autumn’s fiscal fiasco.
The challenge is to present a set of numbers that add up, and a set of policies that will actually pass through Parliament.
This may be Jeremy Hunt’s debut budgetary statement, but his two predecessors didn’t even last long enough to hold the famous Red Box outside Number 11. That is what counts as success these days.