UK chancellor Jeremy Hunt will on November 17 set out plans to raise taxes and cut spending to find savings he thinks should total about £50bn to fill what Treasury officials say is an “eye-watering fiscal black hole”.
The chancellor will use this Autumn Statement to set out a five-year plan that aims to have debt falling as a share of GDP in the fifth year.
A lot of the pain will be backloaded to the years after an expected 2024 election.
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