Chancellor Jeremy Hunt used the 2022 Autumn Statement to unveil a ‘plan for stability, growth and public services’ while addressing the House of Commons.
Mr Hunt outlined a ‘targeted support package for the most vulnerable’, including £26 billion in support for households to combat the ongoing cost-of-living crisis; a 10.1% rise in the State Pension; a reduction in the threshold at which the highest earners begin paying the top rate of income tax from £150,000 to £125,000; and an increase in the National Living Wage (NLW) from £9.50 an hour to £10.42 an hour from April 2023.
Responding to the Chancellor’s Autumn Statement speech, Shadow Chancellor Rachel Reeves commented: ‘The Conservatives have picked the pockets of purses and wallets of the entire country, as the Chancellor has deployed a raft of stealth taxes, taking billions of pounds from working people.’
Meanwhile, Ed Davey, Leader of the Liberal Democrats, said: ‘The sharpest fall in living standards on record will hurt everyone. This is the cost of chaos budget, the cost of Conservatives in power.’