Hunt has promised a plan to weather an economic “storm” bur risks a backlash by unveiling a £54 billion package of tax hikes and spending cuts in the Autumn budget.
It is thought the cap on energy bills will continue after April, but at a higher level, meaning an increase in what we pay for gas and electricity. Mr Hunt will vow policies that will “work together” with the interest rate-rising Bank of England as he “makes sacrifices” in the form of £30 billion of spending cuts and £24 billion in tax rises over the next five years, and will come a mere two months after Kwasi Kwarteng’s budget which left the UK economy reeling.
Mr Hunt will say his “difficult decisions” are necessary to keep mortgage rates low and tackle the rocketing energy and food prices intensifying the cost-of-living crisis.
The statement is expected to be fully costed - setting out how the Government will pay for what is announced. Here’s everything you need to know
What time is Jeremy Hunt statement?
The autumn statement is expected at 11.30am in a statement being made by the Chancellor to MPs in the House of Commons. There will then be a statement on the state of the economy and a reaction to the mini-Budget at 2pm by the Office for Budget Responsibility (OBR)
The long-awaited independent forecasts from the OBR are expected to detail bleak prospects for an economy teetering on a recession.
How to watch Jeremy Hunt Autumn statement
Hunt is expected to deliver his speech to the Commons, and this can be viewed on all major news channels and BBC Parliament. The statement will also be able to view on Youtube, and UK Parliament TV.
You can also keep up to date with the latest developments in our live blog.
What is Jeremy Hunt expected to say?
Mr Hunt will warn that “high inflation is the enemy of stability” as it sends food and fuel bills soaring, causes businesses to fail and raises unemployment.
“It erodes savings, causes industrial unrest, and cuts funding for public services. It hurts the poorest the most and eats away at the trust upon which a strong society is built,” he is set to say.
“Families across Britain make sacrifices every day to live within their means, and so too must governments because the United Kingdom will always pay its way.
“We are taking a balanced path to stability: tackling the inflation that eats away at a pensioner’s savings and increases the cost of mortgages to families, at the same time supporting the economy to recover. But it depends on taking difficult decisions now.”