About Inflation
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.
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Autumn Statement 2023: When is it and how will it affect me?
The government will shortly announce its tax and spending plans for The year ahead.
The Autumn Statement affects The take-home pay and household budgets of millions of people, as well as setting out how much will be spent on key public services.
When is The Autumn Statement?Chancellor Jeremy Hunt will deliver The Autumn Statement in The House of Commons on Wednesday 22 November 2023.
The Speech usually happens at lunchtime.
Why is this statement so important?The Autumn Statement is one of The Key financial events in The political calendar.
The chancellor updates MPs on The country's finances and The government's tax and public spending plans based on The latest forecasts from The Office for Budget Responsibility (OBR).
The Independent OBR, will present its own assessment of Mr Hunt's plans to Parliament.
What are The Key challenges facing The UK economy?Inflation - The rate at which prices Rise - has fallen sharply since The High of 11. 1% in October 2022, but households are still being squeezed.
The CPI measure of Inflation - The same as in August. But that is still Three Times The Bank of England's 2% CPI target.
The government has pledged to get Inflation down to around 5% by The End of 2023.
Growth has stalled
The Bank of England, but there are concerns The rises have hurt The economy.
The Bank says, and has warned interest rates will remain High - and may even Rise further.
Government borrowing is soaring
Government borrowing costs, meaning The Treasury has to pay back more in debt interest.
That could leave Mr Hunt with less money to spend on public services, or make it harder to cut taxes.
What could be in The Autumn Statement?Income Tax cuts
The chancellor is Under Pressure from his party to cut taxes, but has So Far ruled it out.
However, Tory cabinet minister that cuts were a possibility if The government meets its target of halving Inflation .
It seems unlikely, but Mr Hunt could change course at The Autumn Statement.
Pensions
The government should set out how much pensions will Rise by from April 2024.
Under The so-called triple lock, by The highest out of Inflation (as measured by CPI The previous September), average earnings, or 2. 5%.
This year earnings are highest at 8. 5%. But that The Treasury may not honour that figure.
Instead, ministers may use earnings data that strips out The impact of bonuses and one-off payments. That would mean an increase of only 7. 8%, saving about £1bn.
Tougher benefits rules
Mr Hunt will which apply to certain benefits.
Reports have suggested The government may stop people making new claims for a set period if they have been persistently sanctioned for breaking these rules.
First-time buyers
The government is considering to help more first-time buyers borrow with a 5% deposit.
The scheme was extended for 12 Months to finish in December 2023, but may continue for Another Year .
Green stamp duty rebate
New homeowners who make their properties more energy efficient within two years could receive a partial stamp duty rebate,
The Plan was recommended by The Energy Efficiency Taskforce which The chancellor Set Up in Last Year 's Autumn Statement.
Inheritance tax
Despite Mr Hunt having publicly ruled out tax cuts, ministers are apparently.
IHT is currently charged at 40% over The tax-free threshold of £325,000, but The Sunday Times says ministers are considering reducing The rate or scrapping The tax.
ISAs
Reports suggest The chancellor may shake-up The tax-free Isa savings market.
He could launch a combined cash-and-shares Isa to encourage more investment in The UK stock market.
Will The Autumn Statement affect all of The UK?Some parts of The Autumn Statement affect The whole of The UK.
However, The governments of Scotland, Wales and Northern Ireland also make some tax and spending decisions independently - although Northern Ireland doesn't currently have a functioning executive.
If The Westminster government announces extra spending for England, The .
Related TopicsSource of news: bbc.com
Inflation Photos
