The government is set to announce tens of billions of pounds worth of spending cuts and tax rises, which will affect the take-home pay and household budgets of millions of people, as well as money for key public services.
Autumn Statements take place annually, between yearly Budgets (which happen in the spring). But this one is a bigger deal than usual.
When Rishi Sunak became prime minister, he said the UK faced a “profound economic crisis”. This will be the moment where we learn exactly how his government is going to tackle the crisis.
We’re expecting Chancellor Jeremy Hunt to outline what’s going to happen to some of the things that shape our daily lives, such as taxes, benefits, pensions and help with energy bills.
Hunt has said his priorities are economic stability and restoring confidence. It comes in the wake of his predecessor Kwasi Kwarteng’s disastrous so-called mini-budget. That caused market turmoil and led to the resignations of both Kwarteng and former PM Liz Truss.
Source: BBC