UK chancellor Jeremy Hunt warned on Sunday that “everyone” will be paying more tax after his Autumn Statement, as he also said he was preparing significant cuts to public spending.
Hunt is expected to set out tax rises and spending cuts worth about ￡55bn a year as he seeks to fill a gaping hole in the public finances and regain UK fiscal credibility after Liz Truss’s disastrous “mini” Budget in September.
He said he would be announcing wide-ranging tax rises in his Autumn Statement on Thursday but insisted his programme to repair the fiscal hole would be done fairly.
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