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Autumn Statement 2022 | Jeremy Hunt | AccountingWEB
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Autumn Statement 2022 at a glance

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After taking over three weeks ago in testing circumstances, rookie Chancellor Jeremy Hunt sets out his economic and tax agenda.

17th Nov 2022
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The Autumn Statement was all about settling nerves that had been shredded by the Kwasi Karteng's September mini-Budget. The new Chancellor took a balanced approach to strengthening public finances by introducing several money-raising tax measures to accompany some infrastructure investments to stimulate growth.

Overview

Key announcements

Opinion

Community reaction

Pre-Autumn Statement analysis

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Replies (7)

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By Catherine Newman
18th Nov 2022 08:36

I was bored rigid by the speech as it was. I wonder how many MPS were only there for show. Some were looking at their phones. Most of them are probably fed up with hearing about MTD so this may not have been the place to ditch it.

I advised two clients to contact their MPs re the continued lack of refunds. One did it yesterday.

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By Husbandofstinky
18th Nov 2022 10:20

Uninspiring

I don't want to go political but all the Tories have done is increase national debt from £1 trillion to £2½ trillion and created the biggest tax burden since World War 2.

Manifesto pledges - they are not worth the paper they are written on.

Could anyone do better? probably not, but they are not the incumbent party.

Delusional, in denial and verging on the arrogance. It is always someone elses fault be it the previous labour government, Brexit, Covid or Putin. Cherry pick which ever excuse they want.

Energy prices were soaring even before the Ukraine invasion, Putin has exacerbated the issue but no more than what Truss and Kwarteng did for the economy and the mini budget. The curve was and is already there.

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By Arcadia
18th Nov 2022 10:34

The government of the day is irrelevant. The 'markets' are in charge and have got the government by the short and curlies.
The 'markets' stamped their foot and got their way.
Having said that, is this budget as -eye-watering as flagged? - can't see anyone being massively out of pocket on what has changed. The sting will be in the gradual continued erosion of public services however as hidden cuts begin to bite.

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Replying to Arcadia:
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By AmandaElliott
18th Nov 2022 11:44

12p a litre on petrol and diesel will make my eyes smart a bit. Ok if you live in London and have decent public transport but not great for the rest of us particularly with what it does to food prices.
Silly me, it’s part of a completely different agenda……

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Replying to AmandaElliott:
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By Open all hours
18th Nov 2022 15:33

And I don’t think Mr Hunt had the decency to mention such a far reaching measure.

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Replying to Open all hours:
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By AmandaElliott
18th Nov 2022 16:32

Or perhaps the courage…..

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By mydoghasfleas
18th Nov 2022 10:50

What a mess with CGT. Annual exemption down 75% for 5 April 2024, presumably with reporting at 4 times exemption, thousands drawn into self assessment.

It is a classic tax on inflation. Short term the markets may not track the cost of money but eventually they do, so asset values increase. Base costs stay where they are. Gains arise and it does not take much to go over £3,000.

I suppose it does help to justify not aligning IT and CGT rates, or at least it would, had the commitment to index allowances, rate bands, thresholds etc, applied. We have already seen it with Lifetime Allowance charges popping up everywhere, so it's nothing new.

The beauty of it for the politicians is it comes in from 5 April 2023, the tax is not due until 31 January 2025. When the hit on the pocket comes in, we would have had a general election. Whoever gets in, they will say, "Don't blame us, it was the previous administration".

They will not undo it and the money continues to roll in for vanity projects

HS2 - a railway that does nothing for cross country travel

Sizewell - a nuclear reactor built on questionable French technology. Nuclear power in France runs at 50% capacity not because there is plenty of capacity but because the reactors cannot be trusted to run at anymore than that due to corrosion and other defects. It also takes a sweetheart deal with EDF where the UK stumps up towards cost overruns and then guarantees a premium for the power and it is not clear who will pay up for the eventual decommissioning.

Glad I got that off of my chest.

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