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Autumn Statement

17 November 2022

Lead MP

Jeremy Hunt

Debate Type

Ministerial Statement

Tags

NHSUkraineDefenceEconomyTaxationEmploymentEnergyBusiness & Trade
Other Contributors: 92

At a Glance

Jeremy Hunt raised concerns about autumn statement in the House of Commons. A government minister responded. Other MPs also contributed.

How the Debate Unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said:

Government Statement

NHSUkraineDefenceEconomyTaxationEmploymentEnergyBusiness & Trade
Government Statement
The Minister of Finance delivered a comprehensive economic plan designed to tackle the cost-of-living crisis while ensuring stability, growth, and robust public services. The statement acknowledged global factors contributing to high inflation, including supply chain disruptions, Russia's war in Ukraine, and lingering impacts from the pandemic response. It committed £55 billion over five years towards fiscal consolidation, reducing borrowing significantly by 2027-28 while maintaining debt at a sustainable level. Key measures include raising windfall taxes on energy profits to 35%, introducing a 45% levy on electricity generators, and implementing fairer tax reforms for higher earners without increasing headline rates of taxation. Public services would be protected through increased NHS funding by £3.3 billion annually over two years and an additional investment in education budgets of £2.3 billion each year for the next two years. The statement also outlined plans to review workforce participation, support small businesses via property tax relief, and maintain defence spending at 2% of GDP.

Shadow Comment

Rachel Reeves
Shadow Comment
The Shadow Chancellor criticised the Government's economic approach as a continuation of failed policies leading to higher inflation, lower growth, and decreased living standards. She highlighted that while global factors contributed to the current economic challenges, Conservative-led choices over the past decade uniquely exposed Britain to these issues compared to other G7 nations. The Labour party called for an end to tax rises on ordinary working people during a recession and criticised specific measures such as frozen tax thresholds and reduced benefits from inheritance taxes. She emphasised the need for a proper industrial strategy that would unlock investment in future industries, contrasting this with the Government's refusal to act against non-dom status and private equity manager tax breaks. The Labour response called for more action on energy efficiency and renewable power development, alongside a fairer redistribution of wealth.
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