What can we expect from Hunt’s Autumn Statement?

Later this morning Jeremy Hunt will deliver his first Autumn Statement as Chancellor. With the focus firmly on the dire state of the economy, pressure is on Hunt to deliver on his promise to reduce inflation (which yesterday hit 11.1 per cent) and restore stability.

As Kate Andrews writes in this week’s magazine, the Chancellor’s measures are likely to see a new era of austerity ushered in due to a number of a trailed tax hikes and public spending cuts. In recent days, Hunt has been laying the ground work for what is likely to be a difficult times ahead. So what can we expect from today’s statement?

Hunt is expected to announce he will need to find as much as £55 billion to plug a hole in the economy and bring inflation under control. As part of these saving measures, the Chancellor will most likely rein in the government’s gas and energy support scheme, potentially raising the household energy price cap to as much as £3,100.