As a part of the Autumn Assertion yesterday Chancellor Jeremy Hunt introduced £55 billion in tax rises and a squeeze in public spending that he mentioned would deal with spiralling inflation.
Hunt has warned households face “actual challenges”, as authorities forecasters predict the largest drop in dwelling requirements since information started.
The Workplace for Funds Accountability, the unbiased financial forecaster, says family revenue will fall by 7% over the following 18 months.
The chancellor mentioned the bulletins in his Autumn Assertion would assist tame inflation which he mentioned had prompted the drop in dwelling requirements. However Labour mentioned fairer decisions about tax may have been made.
Shadow chancellor Rachel Reeves described the emergency funds measures as “an bill for the financial carnage” created by the insurance policies of former Prime Minister Liz Truss.
Newsnight’s Victoria Derbyshire spoke to Chief Secretary to the Treasury John Glen on the day of the assertion, and began by asking him why the federal government is elevating taxes now that the UK is in a recession.
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