Let’s rewind a moment. In July, Boris Johnson resigned. The leadership contest to replace him took all summer, meanwhile a crisis was brewing over soaring energy prices, largely driven by the war in Ukraine.
Liz Truss became prime minister in September, and her chancellor, Kwasi Kwarteng, quickly unveiled an emergency mini-budget, including help with energy bills for households and businesses.
But it wasn’t clear how the government was going to pay for its plans, which included a raft of tax cuts promised in order to boost economic growth.
This triggered turmoil on financial markets, and the value of the pound plummeted.
Three weeks after the mini-budget, Truss sacked Kwarteng, and replaced him with Jeremy Hunt, who ditched most of her plans. He also promised he would give a detailed statement on the economy.
Then Truss resigned, and Rishi Sunak was selected to replace her and Hunt stayed on as chancellor.
Hunt delayed unveiling his plan, and decided it would be a full Autumn Statement.
And now we’re finally going to hear it.
Source: BBC