What was in the Statement?
ome dire assessments and forecasts about the state of the UK economy, plus a total “fiscal tightening” – tax rises and spending cuts – of £55bn a year (about 1.8% of national income) by 2028. The tax rises account for just under half the tightening, while spending cuts comprise just over half – and are mostly backloaded until after the general election due by January 2025. On spending, Hunt was non-specific. He said public spending would rise by only 1% in real terms in the next parliament (saving £21bn
