The 2022 Autumn Statement

18 NOV 2022

Will the tax increases and the spending cuts in Chancellor Jeremy Hunt’s Autumn Statement balance out? Read our summary of the announcements to see how they might impact you and contact us if you would like to discuss.

The Chancellor, Jeremy Hunt, was faced with a challenging economic backdrop to his Autumn Statement 2022, grappling with a combination of over 11% inflation, an official recession and the need to calm markets and re-establish the UK’s financial credibility following the turmoil of September’s ‘mini-Budget’. 

Mr Hunt’s position was not an enviable one. His long-term focus, he stated, is on stability, growth and public services. Most of the attention, however, centres on the balance he attempted to strike between tax increases (real and stealth) and spending cuts to fill the over £50 billion hole he has inherited. The key announcements covered a wide range of ground, which we have summarised for you below.