JEREMY Hunt is set to announce the autumn Budget in which he is expected to unveil spending cuts and tax rises.
The Budget was initially meant to be laid out on Halloween but was delayed owing to the political and economic uncertainty caused during Liz Truss's short tenure as prime minister.
Below is a quick guide as to what you can expect and when the statement will be made.
What is the autumn Budget and why is it important?
The autumn Budget comes just eight weeks after the mini-Budget which plunged the UK economy into chaos.
Hunt has already reversed many of the measures announced in that but is expected to go further in a bid to cut the UK’s debt.
He has said everybody will be paying more tax as the Bank of England warns that the UK is facing its longest recession since records began.
On Wednesday, inflation hit a 41-year high due to soaring gas prices.
When is the autumn Budget?
Hunt is expected to deliver the statement to MPs from 11:30am.
Following the statement, the Office for Budget Responsibility will then publish their latest economic forecast for the economy.
What will be included in the autumn Budget and what does it mean for Scotland?
There has been much speculation as to what the autumn Budget will include although it is expected there will be spending cuts and tax rises.
However, some of the changes won’t apply in Scotland, as some tax-raising and social security powers are devolved matters.
The Scottish Government’s tax and spending plans will be laid out on December 15.
For example, since 2017/18, people in Scotland have paid income tax at rates set by the Scottish Government. If these were to be changed, it wouldn’t affect taxpayers in Scotland.
However, UK-wide additional taxes, such as VAT, would hit Scots should the rate be changed.
The UK Government is also under increasing pressure to increase pensions and benefits in line with inflation.
