Jeremy Hunt will deliver his Autumn Statement later this week as he looks to balance the books following the economic turmoil under previous Prime Minister Liz Truss.
The Chancellor of the Exchequer has warned that taxpayers will be forced to pay more in order to fill the black hole in government finances.
The Resolution Foundation think tank's economists estimate that Liz Truss and her Chancellor Kwasi Kwarteng blew £20 billion on unfunded cuts to national insurance and stamp duty, with a further £10 billion lost to higher interest rates and Government borrowing costs.
Prime Minister Rishi Sunak and Hunt will unveil measures to "put our public finances on a sustainable trajectory" after investors were spooked by his predecessor's tax-cutting bonanza.
Speaking ahead of the statement, Hunt said: "We're all going to be paying a bit more tax, I'm afraid ... but it's not just going to be bad news.
"I think what people recognise is that if you want to give people confidence about the future, you have to be honest about the present. And you have to have a plan.
"This will be a plan to help bring down inflation, help control high energy prices and also get our way back to growing healthily, which is what we need so much."
So, here's all you need to know about the fiscal statement later this week:
When is the Autumn Statement?
The Chancellor Jeremy Hunt is set to deliver his Autumn Statement to MPs in the House of Commons later this week in what is likely to be a tax rising/public spending slashing budget.
He will announce his plans on Thursday, November 17. A time has not been set for the speech, however it is expected he will get to his feet at around 12.30pm.
The statement will respond to Liz Truss and Kwasi Kwarteng's disastrous mini-budget which led to turmoil on the markets due to massive tax cuts for the richest and huge borrowing.
What can I expect?
Jeremy Hunt's statement will be in stark contrast to the one announced by his predecessor Kwasi Kwarteng in September which focused on tax cuts and borrowing.
He said everyone will need to pay "a bit more tax" as he warned "sacrifices" are required across the board to get the economy back on track. A number of measures have been leaked in recent days, including:
Various tax thresholds could be frozen, from income to inheritance tax.
It has been suggested the state pension will rise 10.1 per cent in April 2023
Benefits, including Universal Credit, could rise with 10.1 per cent inflation in April.
Public sector pay could be curbed to two per cent
Where can I watch?
The Daily Record's politics team will be covering the Autumn Statement on Thursday. You can keep in touch on our website dailyrecord.co.uk.
If you're out and about then Hunt's speech will be streamed live on the BBC Iplayer and on the Sky News YouTube channel. Both the BBC and Sky News will also have special shows with Politics Live starting at 10am.
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