Jeremy Hunt has allowed the pendulum to swing too far to self-defeating austerity Latest from julianHjessop for ipaperviews
Prime Minister Rishi Sunak, centre left, and Chancellor of the Exchequer Jeremy Hunt, centre right, after he delivered his Autumn Statement
Let’s start with the positives. First, the tax increases and spending cuts mostly do not bite until the later years of the forecast horizon. Spending is actually being increased this year and next, meaning that fiscal policy is providing a little more support to the economy now when it needs it most.the state pension will both be raised in line with inflation
Third, the Energy Price Guarantee will also be retained, albeit with the cap on the average household bill rising from £2,500 to £3,000. This is still lower than the level indicated by market prices and therefore increases the chances that headline inflation has already peaked.
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