When is the Autumn Statement 2023?
THE Autumn Statement is one of the key financial events in the political calendar.
But when will it take place and what is expected to be announced? Here’s everything you need to know.
When is the Autumn Statement?
In September 2023, Chancellor Jeremy Hunt confirmed that the highly-anticipated Autumn Statement will take place in the Commons on Wednesday, November 22.
The speech usually takes place around midday.
In the statement, the government outlines its plans for tax hikes, cuts and things like changes to the minimum wage.
It also sets out how much will be spent on key public services.
The Chancellor has already indicated there are unlikely to be significant tax cuts as part of the package though.
Asked about the upcoming Autumn Statement, and if good or bad news was expected, Mr Hunt told Sky News: ”I think it’s a bit of both.
“In the short term, we have challenges. We have a challenge with inflation, which is still too high.
“And we have the challenge of the international environment where there is still a lot of shocks.”
What is expected to be announced in the Autumn Statement 2023?
Like many previous statements and speeches, we will not know what will be covered in the Autumn Statement until the day itself.
However, there are a number of announcements that could be expected – one of which is stamp duty.
Both Prime Minister Rishi Sunak and the Chancellor are said to be considering cutting stamp duty further.
A cut to the housing tax was initially announced in the mini-budget in September 2022.
Aside from this, Mr Hunt is said to be mulling over a package of support to help first-time buyers get on the property ladder – one of the options said to be being considered is an extension to the government’s mortgage guarantee scheme.
This allows buyers with a small deposit of 5% to get a 95% loan to value (LTV) mortgage.
As well as this, the Treasury is also said to be considering a new type of individual savings account (ISA).
These are targeted at people looking to get a deposit together.
Also expected to be covered in the Autumn Statement 2023 is council tax hikes.
The government is being urged to help councils fill a funding gap of £4billion over the next two years, according to The Local Government Association (LGA).
Other topics expected in the statement include benefit and state pension payments to rise, cost of living payments and fuel duty changes.
Who is Chancellor Jeremy Hunt?
The Chancellor of the Exchequer is the government’s chief financial minister and as such is responsible for raising revenue through taxation or borrowing and for controlling public spending.
He has overall responsibility for the work of the Treasury.
The Chancellor’s responsibilities cover, fiscal policy (including the presenting of the annual Budget), monetary policy, setting inflation targets, ministerial arrangements (in his role as Second Lord of the Treasury), and overall responsibility for the Treasury’s response to COVID-19.
The current role holder is Jeremy Hunt, who was appointed the position on October 14, 2022.
British politician Jeremy Hunt was born on November 1, 1966, in London.
Prior to entering the world of politics, Mr Hunt was educated at Oxford University.
During his political career, he was elected Conservative MP for South West Surrey in May 2005.
Aside from his current position as Chancellor of the Exchequer, Mr Hunt served as Secretary of State for Foreign and Commonwealth Affairs from July 2018 to July 2019.
He also served as Secretary of State for Health and Social Care from January 2018 to July 2018 and was first appointed Secretary of State for Health in September 2012.
Prior to this, Mr Hunt was appointed Secretary of State for Culture, Olympics, Media and Sport in May 2010 and was formerly Shadow Culture Secretary 2007 to 2010.
He also served as Shadow Minister for Disabled People 2005 to 2007.
As well as forging a career as a politician, Mr Hunt is also a father and a husband.
He is married to wife Lucia Hunt, whom he shares three children with – a son and two daughters.