We don’t know exactly what the chancellor will say, but the BBC has been told Jeremy Hunt is set to announce around £30bn in spending cuts and £24bn in tax rises.
These could include:
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- Income tax: There has been speculation that the government could raise money through income tax changes. For example, it could decide to freeze the amount people can earn before they have to pay a higher rate of tax
- Benefits and pensions: It’s likely we’ll find out whether they will rise in line with inflation
- Energy prices: The chancellor will set out details about further help for those struggling with bills. However, he has warned there will be limits on help. The current energy price guarantee ends on 1 April
- Windfall tax: The government may decide to raise money by increasing taxes on the profits of energy companies
- Social care: Hunt may also postpone the introduction of a cap on social care costs in England. The cap is due to come into effect in October 2023, and means people would not pay more than £86,000 towards care during their lifetime
- Spending cuts: The government is expected to announce billions of pounds worth of cuts to public spending. This could affect services including the NHS, schools and the police
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Source: BBC