According to pundits, it was always only in a matter of days before the former PM of the United Kingdom resigned from her seat and paved the way for Rishi Sunak, the current prime minister. Sunak is also the Leader of the Conservative Party and has been serving the office in different positions. While he might be the youngest prime minister in the history of the United Kingdom, he and his team are taking their sweet time before delivering financial statements because the situation in Westminster cannot separate the personal finances of the citizens.
View this post on Instagram
It is reported that the new prime minister and the chancellor will not be delivering any statement. Instead, they will be dropping a full autumn statement which would serve as a budget. This budget will be presented by Chancellor Jeremy Hunt on 17 November and is set to feature some of the hot topics that have put the country in hot waters. It will also outline Rishi Sunak’s plans for the economic policies, which he and his team will be introducing. If you are living in the UK, then this is something you should read up on; lucky for you, this article will cover it.
The Current Situation
Not long after PM Sunak took office, he pointed out the ongoing economic issue and acknowledged the rising living expenses and gaps in the United Kingdom’s public finances. It is estimated that the prices have hit an all-time high, breaking 40-year-old records, which are mainly driven by food and energy prices.
View this post on Instagram
These two necessities also influence the rates of the rest of the items, resulting in overall inflation. Even everyday groceries have been affected; things like vegetable oil have gone up by 65%, chips by 39%, and pasta by 60%. According to the Office for National Statistics, many people are struggling to make ends meet when it comes to paying their bills.
Here are the things that the Autumn Statement will be helping with.
1. Support With Energy Bills
PM Sunak understands the energy bills and rising prices, especially now that the winter is right around the corner. In the statement, there might be discounts, which will be provided to low-income families in November and most of the pensioners for the next few months.
2. Mortgage Costs
Mortgage costs have been increasing significantly, but soon that might change, thanks to the mini-budget that will be presented. No-fault evictions will also be banned, which means that the renters will also get some relief.
3. Taxes To Be Set
PM Sunak has already announced that he will be working to decrease the income tax over the next few years to 16% from 20%. However, many experts hold a skeptical view on this point because they suspect an increase in taxes to aid and repair the public finances instead.
View this post on Instagram
It is a long road for the United Kingdom but let’s hope the nation is in good hands.