Autumn Budget 2022: What can we expect?

7 November 2022

Downing Street

After he dismantled most of the Truss-Kwarteng mini-Budget, the new Chancellor of the Exchequer, Jeremy Hunt, will reveal his Autumn Statement on 17 November.

The Information Commissioner's Office (ICO) have published drafts of two further guidance documents; one covers employee monitoring which will replace the previous "monitoring at work" chapter contained within the employment practices code of 2011 and the other relate to processing information about worker's health.

When is the Autumn Budget?

The first full financial statement from Mr Hunt will take place on November 17.

Originally, the Chancellor was due to flesh out economic policy on October 31, but following Rishi Sunak's appointment as Prime Minister it was inevitable this would be pushed back a few weeks.

The economic policies to be introduced by Hunt in 10 days' time will affect UK households and businesses. It is widely expected that the Autumn Budget will address the rising cost of living and inflation - affecting individuals and businesses alike - and focus also on benefits and pensions.

The Telegraph reported that the Prime Minister and Chancellor will focus on pensions and income tax thresholds to balance the books.

The article quoted a Treasury source as saying: "It is going to be rough. The truth is that everybody will need to contribute more in tax if we are to maintain public services."

During the period when Sunak himself was Chancellor, he promised that benefits would match inflation. Now, with inflation running at over 10%, and following the failed experiment in Trussonomics, it is not known whether Mr Hunt's policies will continue in this vein.

In his inaugural speech as Prime Minister, Mr Sunak made it clear that the Conservative manifesto would be delivered, which includes keeping the pensions triple-lock in place (that pensions would rise in line with inflation).

Pressure will also be on this new government to address the energy-bill price cap, which will end in April 2023. Thereafter, if no action is taken energy bills will rise sharply for UK households.

Mr Hunt may well also offer some clarity on support on lending and mortgage rates as well as planned tax cuts.

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