 believed the economy was 'now in recession'. He told MPs his three priorities were 'stability, growth and public services'. 'The OBR says higher energy prices explain the majority of the downward revision in cumulative growth since March,' he said. 'They also expect a rise in unemployment from 3.6% today to 4.9% in 2024 before falling to 4.1%.' Mr Hunt is setting out a package of £30 billion of spending cuts and £24 billion in tax rises over the next five years. His package is in stark contrast to his predecessor Kwasi Kwarteng's ill-fated plan for £45 billion of tax cuts, less than two months ago, which spooked the markets, pushed up the cost of borrowing and contributed to the downfall of Liz Truss' short-lived administration. Mr Hunt said: 'I understand the motivation of my predecessor's mini-budget and he was correct to identify growth as a priority. But unfunded tax cuts are as risky as unfunded spending.' This is a breaking news story, more to follow soon… Check back shortly for further updates. Got a story? Get in touch with our news team by emailing us at webnews@metro.co.uk. Or you can submit your videos and pictures here. For more stories like this, check our news page. Follow Metro.co.uk on Twitter and Facebook for the latest news updates. You can now also get Metro.co.uk articles sent straight to your device. Sign up for our daily push alerts here.){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
Unemployment is expected to rise by 1.3% to nearly 5%, Jeremy Hunt has revealed.
The rate of people not in work will likely jump from 3.6% to 4.9% in 2024, before falling back to 4.1%.
The Chancellor promised to ‘tackle the cost-of-living crisis’ and ‘rebuild our economy’ as he set out plans for tax rises and spending cuts in the Commons.
He said there would be a ‘shallower downturn’ as a result of his measures but the Office for Budget Responsibility (OBR) believed the economy was ‘now in recession’.