Here are all the main announcements from Chancellor Jeremy Hunt’s autumn statement to MPs:
• Energy bill aid for households extended beyond April for a further year through energy price guarantee, but average annual bill will be £3,000 from current £2,500. Amounts to around £500 support for households.
• Additional cost of living payments next year of £900 to households on means-tested benefits; £300 to pensioner households and £150 for individuals on disability benefit.
• An additional £1bn of funding to enable a further twelve month extension to the household support fund.
• Government will proceed with the Sizewell C new nuclear plant with £700m investment by taxpayer to bolster energy security and diversify further from harmful carbon.
• New funding, from 2025, of a further £6bn in energy efficiency.
• Working age and disability benefits uprated by inflation with an increase of 10.1% at cost of £11bn.
• Over 600,000 more people on Universal Credit to be forced to meet with a work coach in a bid to get more into the workforce and better-paid jobs.
• Increase in social rents to be capped at a maximum of 7% in 2023/24.
• National Living Wage to rise by 9.7% from April to an hourly rate of £10.42, an annual pay rise worth over £1600 to a full time worker.
• Pension credit to rise by 10.1%, worth up to £1470 for a couple and £960 for a single pensioner. This delivers on promise under the so-called triple-lock.
• Reduces the threshold at which the 45p rate becomes payable from £150,000 to £125,140.
• Maintains freeze on the income tax personal allowance, higher rate threshold, main national insurance thresholds and the inheritance tax thresholds for a further two years – to April 2028.
• Dividend allowance will be cut from £2,000 to £1,000 next year and then to £500 from April 2024.
• The annual exempt amount for capital gains tax will be cut from £12,300 to £6,000 next year and then to £3,000 from April 2024.
• From April 2025, electric vehicles will no longer be exempt from vehicle excise duty.
• Stamp duty cuts announced in the mini-budget will remain in place, but only until 31 March 2025.
• While the employer’s National Insurance contributions threshold is frozen until April 2028, the employment allowance will be retained at its new, higher level of £5,000 until March 2026.
• R&D tax relief for SMEs deduction rate cut to 86% and the credit rate to 10% but increase the rate of the separate R&D expenditure credit from 13% to 20%.
• Windfall tax on major oil and gas producers raised to 35% from 25%. A 45% energy profits levy rate to be imposed on electricity generators to raise a combined £14bn next year.
• Nearly two thirds of properties will not pay a penny more in business rates next year. Says thousands of pubs, restaurants, and small high street shops will benefit to the tune of £14bn over five years.
• By the end of next year, changes to EU regulations in five growth industries: digital technology, life sciences, green industries, financial services and advanced manufacturing will have been decided.
• Plan to help make Britain the “new Silicon Valley” will also see public funding for R&D (research and development) increased to £20bn by 2024/5.
• “We will deliver the core Northern Powerhouse Rail”. Promises existing funding for HS2 to Manchester, East West Rail., new hospitals programme and gigabit broadband rollout.
• Adult social care secures additional grant funding of £1bn next year and £1.7bn the year after. Says this means an increase in funding available for the social care sector of up to £2.8bn and £4.7bn respectively.
• Increases the NHS budget, in each of the next two years, by an extra £3.3bn.
• To invest an extra £2.3bn per year in our schools.
• An extra £1.5bn for the Scottish government, £1.2bn for the Welsh government and £650m for the Northern Ireland Executive.
• Office for Budget Responsibility (OBR) forecasts borrowing in this financial year of £177bn, £140bn in 2023/4.
• OBR sees “overall” UK growth in 2022 of 4.2% but economy now in recession. Contraction of 1.4% expected in 2023.
• OBR sees a rise in unemployment from 3.6% today to 4.9% in 2024.
• OBR sees an average inflation rate this year of 9.1% and 7.4% next year.
• Two new fiscal rules: Underlying debt must fall as a percentage of gross domestic product by the fifth year of a rolling five-year period, and that public sector borrowing must be below 3% of GDP over the same period.
Fashion giant Shein has opened an investigation after a shirt was advertised on its site, modelled by a man bearing a striking resemblance to Luigi Mangione, who is accused of murdering a US healthcare chief executive.
The image with Mangione’slikeness, wearing a white, short-sleeved shirt, has since been taken down.
Shein, one of the world’s biggest fast fashion retailers, told Sky News: “The image in question was provided by a third-party vendor and was removed immediately upon discovery.
“We have stringent standards for all listings on our platform. We are conducting a thorough investigation, strengthening our monitoring processes, and will take appropriate action against the vendor in line with our policies.”
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The listing was taken down on Wednesday afternoon, according to reports.
As news of the image spread across social media on Tuesday, and ‘Luigi Mangione Shein’ reportedly began trending, many speculated that the picture had been created by AI or photo-shopped.
Some supporters of Mangione accused Shein of using his likeness, while his critics have also described using the photo as a new low.
More on Luigi Mangione
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Mangione, 27, is facing trial for fatally shooting UnitedHealth’s insurance CEO, Brian Thompson, outside a New York City hotel in December.
Image: UnitedHealthcare chief executive officer Brian Thompson.
Pic: UnitedHealth Group/AP
Mr Thompson, 50, was shot dead as he walked to a Manhattan hotel where the company, the largest private health insurance firm in the US, was hosting an investor conference.
Mangione denies the state and federal charges against him, including first-degree murder “in furtherance of an act of terrorism”, two counts of second-degree murder, two counts of stalking and a firearms offence.
Prosecutors are seeking the death penalty if he is convicted, saying Mangione targeted Mr Thompson and that he “presents a future danger because he expressed an intent to target an entire industry, and rally political and social opposition to that industry, by engaging in an act of lethal violence”.
After the killing, Mangione was portrayed as a folk hero by some of those opposed to the US healthcare system.
Rallies took place outside court during his appearances and some supporters pledged funds to his defence.
Shein, founded in China in 2012, has built its global reputation on inexpensive, fast-moving fashion trends that attract Gen Z and younger millennials. Its products are shipped to more than 100 countries.
In January, a senior company lawyer was unable to say if the company sells products containing cotton from Xinjiang, the region of China where it’s alleged members of the Uyghur ethnic group are forced to work against their will, accusations China denies.
At least 15 people have been killed and 18 are injured after the iconic Gloria funicular in Lisbon derailed and crashed, emergency services have said.
Five of the injured are in a serious condition, the National Institute for Medical Emergencies said in a statement.
Footage from the site showed the tram-like funicular, which is popular with tourists, practically destroyed and emergency workers pulling people out of the wreckage.
Authorities would not identify the victims or disclose their nationalities, but said some foreign nationals were among the dead.
The UK Foreign Office has said it is in touch with authorities in Lisbon and is ready to “provide consular assistance if there are any affected British nationals”.
Lisbon’s mayor Carlos Moedas has said there will be three days of mourning for the victims of the “tragic accident”.
He added: “I extend my heartfelt condolences to all the families and friends of the victims. Lisbon is in mourning.”
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It is not immediately clear what caused the crash which happened at around 6pm – the start of evening rush hour.
Eyewitnesses told local media that the funicular careered down the hill, apparently out of control.
Images show how the yellow and white carriage fell apart as a result of the crash.
Image: Pic: AP
Image: Pic: AP
The Gloria, which can carry more than 40 people, is one of three funiculars in the Portuguese capital and is classified as a national monument.
It connects downtown Lisbon with the neighbourhood of Bairro Alto and is commonly used by both residents and tourists.
Two carriages attached to the same haulage cable run parallel to each other as they shuttle up and down the hill for a few hundred metres.
The second carriage was apparently undamaged, but footage aired by CNN Portugal showed it jolting violently, with several passengers jumping out of its windows, when the other one derailed.
Image: Emergency services at the scene. Pic: AP
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Mr Moedas told the Portuguese news site Diario de Noticia: “It is a tragedy that has never happened in our city. The moment is for action and help. I thank you all for the response in a few minutes. The only thing I can say is that it is a very tragic day.”
It comes as Portugal’s President Marcelo Rebelo de Sousa has offered his condolences to families affected by the tragedy.
Meanwhile EU Commission president Ursula von der Leyen has written on X: “It is with sadness that I learned of the derailment of the famous ‘Elevador da Glória’. My condolences to the families of the victims.”
Portugal’s defence minister Nuno Melo said: “The accident in Lisbon with the Gloria elevator was a tragedy that caused strong commotion and consternation in Portugal and in the world… I express all my solidarity and offer heartfelt condolences to the families of the victims, wishing a speedy recovery to the injured.”
An investigation into the cause will begin once the rescue operation is over, the Portuguese government said in a statement.
This breaking news story is being updated and more details will be published shortly.
China’s status as a military superpower was on full display as Beijing marked the 80th anniversary of the end of the Second World War.
Tens of thousands of troops, tanks and armoured vehicles moved through Tiananmen Square on Wednesday, along with a fearsome array of missiles. Fighter jets soared overhead.
“They want to advertise to the world that they’re doing old and new,” military analyst Michael Clarke told Sky News. “So they were showing the enormity of what they’ve got in in traditional terms, but also some of the new things.”
Indeed, the event featured many weapons and equipment that had never been seen in public before.
In this story, Sky News looks at what units and military hardware were on display in the Chinese capital.
Image: Flags flutter as soldiers participate in a military parade to mark the 80th anniversary of the end of the Second World War. Pic: Reuters
Land forces
Huge numbers of soldiers from various wings of China’s armed forces made up the bulk of the parade, marching in perfect lockstep in neat rows.
As well as the traditional elements from the army and navy, the procession also featured newer pieces like the cyberspace unit.
The new unit is in charge of cybersecurity defence measures, the Xinhua state news agency says, and also took part in live-fire drills.
Another new unit was the information support force, which was created in 2024 to build network information systems to support military combat readiness.
Image: Tanks as part of the military parade
Nuclear triad on display for the first time
Also rolling through the square were an array of missiles, including those that form China’s strategic nuclear capability.
For the first time, Beijing unveiled its nuclear triad of air, land and sea-based missiles.
This included the JL-1 air-based long-range missile, JL-3 submarine-launched intercontinental missile, DF-61 land-based intercontinental missile, and the new type DF-31 land-based intercontinental missile.
The weapons are China’s strategic “ace” power to safeguard the country’s sovereignty and nation’s dignity, according to Xinhua.
China is one of four countries known to possess a nuclear triad, along with the US, Russia and India.
Other missiles on display included hypersonic anti-ship missiles that China has previously tested against mockups of US aircraft carriers, such as the Yingji-19, Yingji-17 and Yingji-20.
“These are designed to frighten the United States,” Mr Clarke says, with reference to the Pacific Ocean where US warships patrol from their 7th Fleet headquarters in Japan.
China also put a number of its unmanned weapon systems on display, evidence of the changing nature of modern warfare.
Arguably the most interesting were the so-called ‘robot wolves’.
Image: ‘Robot wolves’ carried on vehicles
There were also underwater drones such as the AJX002, a long, black tube-shaped craft that looks like a narrow submarine with a rear propeller.
The military also showed off unmanned helicopters that are designed to be launched from ships.
Image: Air-defence laser weapons that have been recently developed. Pic: Reuters
Like other militaries, China has also been developing laser weapons to defend against drone attacks – one of which was on display today as well.
As attack drones get more advanced – and numerous – a counter drive to develop cheaper ways of shooting them down is ongoing.
“The one that they kept under wraps was this laser gun,” Mr Clarke said. “It was all under tarpaulin in the rehearsals – and suddenly there it was. It was like a big searchlight on a vehicle.
“Laser guns, despite James Bond films, are not quite as ground-breaking as people think, but there it was: a new laser gun.”
Air force
Beijing has developed a number of advanced aircraft in recent years, and several of them were on display on Wednesday.
Soaring above the parade were China’s two fifth-generation fighter jets, the Chengdu J-20 and Shenyang J-35A.
Image: J-16D, J-20, and J-35A fighter jets fly over Tiananmen Square. Pic: Reuters
Both have stealth capabilities and are designed to try to rival the US air force’s F-35 jet.
China has two of the five fifth-generation fighter jets currently known to operate globally. The others are the American F-35 (also operated by the UK and other allies) and F-22, as well as the Russian Su-57.
China showing off its range – and numbers
“What they’re showing here is that they’ve got a full panoply of weapons systems,” Mr Clarke says, pointing to the various land, sea and air assets.
“Whether they can link them together in combined arms warfare, we don’t know, because they haven’t fought a major war since the 1950s… but on paper it’s extremely impressive.”
He added: “It’s not as big as the American military yet, but it certainly rivals it. And it certainly worries American military planners.”