'. These forecasts are published twice a year (in the Autumn and in the spring) and look at how the UK economy will perform in the future. There is usually less detail in the Autumn Statement than in the Budget about how taxes will actually work. However, it is expected that Mr Hunt will give plenty of detail in this statement, given the chaos caused by Mr Kwarteng's tax cutting plans and the lack of detail on how they would be funded. When was the first Budget? The Budget dates back to the 1720s and Sir Robert Walpole, who as First Lord of th){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
Jeremy Hunt will deliver his first Autumn Statement this morning, after becoming Chancellor after Kwasi Kwarteng’s disastrous mini-budget forced him to resign.
It is expected that Mr Hunt will announce £25bn worth of tax rises and £35bn of spending cuts in order to plug a £60bn funding black hole.
But what exactly is the Autumn Statement, and how does it differ from the Budget?
Here’s all you need to know.