The Latest Breaking News from Jeremy Hunt

Britain faces a record hit to living standards this year as surging inflation erodes incomes, the country's budget forecasters warned, after finance minister Jeremy Hunt announced more pain, with tax rises now and spending cuts further ahead.

The pound fell 0.9 per cent as the chancellor delivered the long-awaited Autumn Statement

Millions more to be dragged into 20p and 40p tax rates through ‘fiscal drag’ – and more will pay 45p rate

Office for Budget Responsibility forecast that the UK economy will shrink further next year as Brits face rocketing inflation and cost-of-living crisis

National Insurance thresholds will be frozen until 2028 - but as wages rise it means many more low-paid workers will start paying NI contributions.

The Scottish Government is set to receive around an additional £1.5bn over 2023-24 and 2024-25

Office for Budget Responsibility says economy is shrinking again

The Chancellor said inflation was predicted to fall next year

Income Tax and National Insurance thresholds are set at £12,570. This threshold has already been frozen for four years to April 2026, but this will now be stretched to April 2028

Jeremy Hunt announced the news to raise more money for the government

Mr Hunt said unemployment is expected to rise from 3.5% today to 4.9% by 2024