Rishi Sunak mulls Autumn Statement fallout with Cabinet

Rishi Sunak mulls Autumn Statement fallout with Cabinet as Labour maintains massive 21-point poll lead

  • Rishi Sunak meeting Cabinet in the wake of the Autumn Statement last week
  • Poll shows Keir Starmer’s Labour maintaining a massive 21-point poll advantage
  • Chancellor Jeremy Hunt imposed eye-watering tax raid and spending curbs 

Rishi Sunak is gathering his Cabinet today as Labour maintains a massive poll lead in the wake of the Autumn Statement.

The PM and his senior team are meeting in Downing Street as they digest the fallout from the huge package to balance the government’s books last week.

Following the Chancellor’s eye-watering tax raid and spending cuts – accompanied by forecasts of the worst plummet in living standards on record – a poll found Keir Starmer’s party 21 points ahead.

However, the Tories were offered a glimmer of hope with the government’s ratings for competence increasing sharply in the latest Redfield & WiIton Strategies research.

Ministers are desperately scrambling for ways of boosting floundering economic growth without borrowing more or fuelling inflation. 

The Ukraine war forcing up energy costs has been blamed for much of the pain, as well as the aftermath of the pandemic, and government ‘own goals’ under Liz Truss and in the Brexit process. 

Following the Chancellor’s eye-watering tax raid and spending cuts – accompanied by forecasts of the worst plummet in living standards on record – a poll found Keir Starmer’s party 21 points ahead

The Tories were offered a glimmer of hope with the government’s ratings for competence increasing sharply in the latest Redfield & WiIton Strategies research

Eight million Britons – nearly one in six adults – will be paying the higher rate of tax within five years after Jeremy Hunt’s brutal ‘stealth raid’.

The respected IFS think-tank pointed out on Friday that the tax burden is set to reach a new post-war peak, and will be the equivalent of £100billion a year higher by 2027-28 than it has been for most of the past 70 years. 

The looming slump in living standards – predicted to be the worst since records began in 1956. In real terms, wages are not expected to return to 2008 levels until after 2027. 

Mr Hunt today admitted the UK does not have an ‘easy path’ after figures showed another spike in borrowing and the impact of the energy bills bailout. 

The Chancellor underlined the need to put the public finances back on a ‘sustainable path’ as borrowing hit £13.5billion in October.

That was £4.4billion higher than last year and the fourth highest figure for the month on record – although in a bright spot far lower than the £21billion analysts had expected.

Total public sector spending grew to £91.2billion in October, after central government spending increased by £6.5billion to £76.8billion for the month.

The ONS estimated that this included around £3billion on the cost of energy support schemes, including £1.9billion for the £400 home energy discount payments.

Meanwhile, servicing the £2.5trillion debt mountain – a proportion of which is linked to soaring RPI inflation – cost £6.1billion in the month.   

Mr Hunt today admitted the UK does not have an ‘easy path’ after figures showed another spike in borrowing and the impact of the energy bills bailout

Chancellor Jeremy Hunt underlined the need to put the public finances back on a ‘sustainable path’ as borrowing hit £13.5billion in October

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