 exit of Liz Truss as PM, Rishi Sunak took over the reins – and with a new PM came a new Cabinet. Among Mr Sunak's reshuffling, however, one person stayed who served during Truss' tenure – Chancellor of the Exchequer Jeremy Hunt. Hunt replaced Kwasi Kwarteng, Truss' first Chancellor, and has retained his position under Sunak. Part of his responsibility will be to unveil a new budget. When might we expect this and what could it look like? When is the new budget announced? The Prime Minister delayed the first financial statement from Mr Hunt until Thursday, November 17. Hunt was originally due to make a statement on October 31, but the decision was made to produce an Autumn Statement instead – all but a budget in everything but name. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video This will be the first opportunity for the Chancellor to show what kind of economic policies he will introduce, and his decisions will impact households across the country, especially as we enter the winter months during the ongoing cost of living crisis. What might we expect from the budget? It's expected, due to the omnipresent problems facing the country at large, that the Statement will focus on areas such as benefits and pensions and address the rising cost of living and inflation. LBC report that, according to a Treasury source, Mr Hunt has already sought advice for the Autumn Statement from ex-chancellor George Osborne, who oversaw a period of austerity following the 2008 financial crisis. Whether this is a sign that Mr Hunt will implement similar measures remains to be seen. Experts have speculated about what to expect. Income tax Income tax bands are likely to be frozen for a further two years. Sean McCann, chartered financial planner at NFU Mutual, told Mortgage Solutions: 'Thresholds for income tax and child benefit tax have already been frozen until April 2026 by Rishi Sunak when he was Chancell){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
With the (rather swift) exit of Liz Truss as PM, Rishi Sunak took over the reins – and with a new PM came a new Cabinet.
Among Mr Sunak’s reshuffling, however, one person stayed who served during Truss’ tenure – Chancellor of the Exchequer Jeremy Hunt.
Hunt replaced Kwasi Kwarteng, Truss’ first Chancellor, and has retained his position under Sunak.
Part of his responsibility will be to unveil a new budget. When might we expect this and what could it look like?