At 11.30am Jeremy Hunt is expected to arise in the House of Commons chamber and deliver the biggest package of tax rises and spending cuts for a decade.
It’s worth remembering how we got here. The market reaction to Kwasi Kwarteng’s mini-Budget in September led the then-chancellor to promise a “medium-term fiscal plan” with a full forecast from the Office for Budget Responsibility on 23 November. Then pressure from MPs and the markets forced him to bring it forward to Halloween. Then he was sacked. Then Liz Truss resigned. Then Rishi Sunak came in and delayed the announcement – thankfully renamed the Autumn Statement by this point – to today. And here we are. The deepest programme of tax cuts in 50 years has become a return to austerity in just two months.
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