Jeremy Hunt is expected to lower the threshold for the top rate of income tax and protect the pensions triple lock in his autumn budget later this morning.
The chancellor is set to announce billions in tax rises and spending cuts as he sets out how Rishi Sunak’s government plans to weather an economic “storm”.
This is expected to include reducing the level earners pay the 45p rate of income tax from £150,000 to £125,000 in a move that would see 250,000 pulled into the top bracket.
He is also expected to protect the triple lock for pensioners - which guarantees pensions will rise by whichever is highest out of inflation, earnings or 2.5 per cent.
The autumn budget comes the day after the Office for National Statistics announced inflation had now reached 11.1 per cent - yet another 40-year high.
Mr Hunt’s package of tax rises is expected to be worth £25bn. He is also expected to announce £35bn in spending cuts.
