Jeremy Hunt warns citizens to "hope for the best but prepare for the worst" as the Autumn Budget approaches in November.
Higher debt interest
The Chancellor, speaking from Marrakech, Morocco, where he is meeting with International Monetary Fund chiefs, reveals that the government's debt interest is expected to be £20 to £30 billion higher than previously predicted.
Impact on tax cuts and spending
The increased costs for the public purse make it less likely that there will be tax cuts and increased spending on the NHS and schools in the Autumn Budget.
Tragic events affecting the economy
Mr Hunt highlights that events like the war in Israel and Ukraine have significant impacts on Britain's economy.
Challenging environment for households
Hard-up households are facing a "very challenging environment" in the short term, but there is confidence about the longer-term future.
Focus on reliance
The Chancellor emphasizes the need to focus on reliance in the face of economic shocks and the dangerous global environment.
Good and bad news in the Budget
Mr Hunt suggests that the Budget will contain a mix of good and bad news for Brits, highlighting the resilience of the British economy but also acknowledging challenges and underlying strengths.
No major tax cuts
At the Tory Conference last month, Mr Hunt stated that there will be no major tax cuts in the Autumn Budget. Inflation needs to come down further before any changes can be made to rates.
Did you miss our previous article…
https://hellofaread.com/politics/uk-defence-secretary-slams-bbc-for-refusing-to-label-hamas-as-terrorists/
