Jeremy Hunt will deliver the Autumn Statement next month, setting out his plans for the UK economy over the coming year
He is not expected to announce any tax cuts, despite pressure from within his own party, due to the Government’s commitment to halving inflation by the end of the year.The Office for Budget Responsibility has been commissioned to prepare an economic and fiscal forecast to be presented to Parliament alongside this statement.
He has already warned that he will not be able to lower the overall tax burden because of the tight public finances, and has privately ruled outInstead, the statement will include a number of policy changes designed to push private capital into more productive uses and allow growing companies access to the investment they need.
A Treasury source said: “There is going to be a lot of nitty-gritty, boring but fundamentally good stuff to unlock capital.” Potential options include new incentives to pool smaller pensions funds so they can invest in higher-return projects without unsustainably increasing their levels of risk, and a new model of stock investment that would allow start-ups to attract investment without having to list on the stock exchange.
After the confirmation that September’s inflation figure held steady at 6.7 per cent, under the triple lock the state pensionHowever, as earnings data was distorted by a surge in bonus payments for public-sector workers agreed by the Government to bring NHS and other strikes to an end, this figure could be lowered.– leaving the average pay increase at 7.8 per cent.
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