Autumn Statement: Jeremy Hunt to reveal £54bn package of tax rises & spending cuts – but £1,100 payments may be on way

JEREMY Hunt is set to reveal a grim £54bn package of tax rises and spending cuts TODAY.

At 11.30am the Chancellor will deliver his Autumn Statement in the Commons chamber.

The brutal financial plan will outline how the Treasury intends to fill an estimated £50bn hole in the public purse.

The package of measures will be eye-wateringly tough, with millions forced to give up more money to fill government coffers.

But there’s also going to be help for hard-up Brits struggling with the crippling cost of living crisis.

Read more about Jeremy Hunt’s plans on the Autumn Statement live blog.

The Chancellor has vowed to put the needs of the poorest first, “because to be British is to be compassionate.”

The Autumn Statement comes as inflation this week hit a staggering 11.1 per cent.

Mr Hunt will soon say: “As countries all over the world grapple with inflation, our plan reflects British values: we are both honest about the challenges, and fair in our solutions.

“We are taking difficult decisions to deliver strong public finances and help keep mortgage rates low, but our plan also protects our long-term economic growth.

“We aren’t immune to these global headwinds, but with this plan for stability, growth and public services – we will face into the storm”.

What to expect in the Autumn Statement:

• Triple lock to stay and pensions to rise in line with inflation
• Benefits to rise in line with inflation
• National living wage to rise by 10 per cent to £10.40/hr
• Council tax raised to a maximum of 5 per cent
• Energy Price Guarantee to be cut – average household bill will climb from £2,500 to £3000
• Freeze on income tax thresholds until 2028
• Extended windfall tax on oil and gas companies raking in mega profits
• £150,000 threshold for the additional rate of income tax lowered and a rise in the 45p rate

The Chancellor is set to increase pensions, benefits and the minimum wage by inflation.

But he will clobber millions of workers with stealth tax rises by freezing income thresholds for six years.

Those earning the average salary of £33,000 this year will pay an extra £2,500 in tax by 2027, said analysts AJ Bell.

Those earning £50,000 will pay an additional £6,500.

In a major blow to households across Britain, the Chancellor will rip up rules limiting the minimum rate local authorities can charge council tax.

Currently town halls are not allowed to increase council tax above 2 per cent per cent – plus a one per cent social care levy – without holding a local referendum.

But Mr Hunt will increase this to 5 per cent to help pay for stretched services being squeezed by central government cuts.

But in good news for Brits on benefits, extra pay is on the way.

The Chancellor is expected to announce a £650 cost of living payment for benefit recipients next year.

There will also be £300 for pensioners and a £150 disability cost of living payment.