There were few surprises when Jeremy Hunt presented his second Autumn Statement to the House of Commons this afternoon: National Insurance has been cut and the state pension and benefits will rise. The Chancellor is hoping that these measures will woo voters ahead of next year’s election. But while Hunt tried to paint an image of the economy being back on track, there were some nasty surprises in the updated forecasts released by the Office for Budget Responsibility (OBR). Although growth has been revised up this year to 0.6 per cent, it has been downgraded for the following three years, rising to 2 per cent in 2027. Inflation is meanwhile forecast to drop to 2.8 per cent by the end of 2024, down from 4.6 per cent recorded in October.
Hunt’s opposite number Rachel Reeves responded by claiming that the Conservatives have ‘held back growth, they have crashed our economy, increased debt, trashed our public services, left businesses out in the cold, and made life harder for working people’.
Get Britain's best politics newsletters
Register to get The Spectator's insight and opinion straight to your inbox. You can then read two free articles each week.
Already a subscriber? Log in
Comments
Join the debate for just £1 a month
Be part of the conversation with other Spectator readers by getting your first three months for £3.
UNLOCK ACCESS Just £1 a monthAlready a subscriber? Log in