One Four Nine Wealth Guide to the Autumn Budget 2022
A comprehensive guide and analysis of the key tax changes
The Chancellor of the Exchequer, Jeremy Hunt, delivered on Thursday 17 November the Autumn Statement 2022. Mr Hunt outlined his plans at a time of significant economic challenge for the UK and the global economy as he attempts to fill the black hole in the government’s finances.
The chancellor says his priorities are stability, growth and public services, and he is providing “fair solutions” despite taking “difficult decisions.” Economic stability, Mr Hunt announced, relies on fiscal sustainability – and the Autumn Statement sets out the government’s plan to ensure that national debt falls as a proportion of the economy over the medium term.
By reducing debt servicing costs and leaving more money to invest in public services, supporting the Bank of England’s action to control inflation, and giving businesses the stability and confidence they need to invest and grow in the UK, Mr Hunt said this is a “very balanced package,” insisting that decisions were made in a “fair way.”
Mr Hunt commented that the Autumn Statement balanced revenue raising and spending restraint whilst protecting vital public services. He said the Autumn Statement confirms that total departmental spending will grow in real terms at 3.7% a year on average over the current Spending Review period.
Read our Autumn Budget 2022 here.
What does the Autumn Budget 2022 mean for you?
In our comprehensive guide to the Autumn Budget 2022, there is everything you need to know about the chancellor’s tax rises and spending cuts. If you have any questions or would like to discuss your situation please do reach out to your local investment, financial advisory or planning team here.