Tax rises and spending cuts in Chancellor’s autumn statement

Hunt is tasked with filling the £55 billion black hole in public finances

Jeremy Hunt said the country is officially in recession, as he set out his plans to hike taxes and slash spending.

But how will this impact Scotland?

– The Chancellor has promised an extra 1 point 5 billion pounds for the Scottish Government over the next two years.

– Oil and gas companies will see an increase in the windfall tax on their profits, from 25% to 35% until 2028.

– Household bills are set to go up, the energy price cap will increase from £2,500 to 3 thousand pounds for the average household.

– Pensions and benefits will rise in line with inflation – a 10.1% uplift.

The Scottish Government has accused the UK Government of “repeating the mistakes of the past”, and warned there could be significant consequences as a result of the autumn statement.