Chancellor Jeremy Hunt is preparing to deliver his autumn statement as rumours swirl about what it might contain.
The chancellor will give an update on the state of the economy and may also announce tax and spending changes.
Here’s all you need to know about when it will be and what it could say.
When is the autumn statement?
The autumn statement will take place on 22 November 2023.
What time is the announcement?
The announcement usually starts at 12.30pm – directly after Prime Minister’s Questions – and lasts about an hour.
After the statement, shadow chancellor Rachel Reeves responds, and then other MPs ask questions about the statement.
Before the announcement, the chancellor poses for the press with the red despatch box containing the budget papers.
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After the speech, the Office for Budget Responsibility (OBR) will publish a report outlining how the economy is doing and its forecasts.
What happens after the statement?
It depends on what is in the statement. If the chancellor announces changes to taxes, then legislation may need to be brought in.
This happened last year. The Finance Bill 2022 was brought in after Mr Hunt’s first autumn statement as chancellor, which included a £55bn package of tax rises and spending cuts to put the UK “on a balanced path to stability” after Kwasi Kwarteng’s disastrous mini-budget.
It may be that no big changes are announced that will come into force before the next budget – in which case, nothing more will happen.
What could be in the autumn statement?
The focus will be on helping struggling families with the cost of living and boosting growth.
Mr Hunt has said “everything is on the table” when it comes to tax cuts, and has not ruled out rumours about a reduction in inheritance tax and changes to taxes on personal income.
Speaking to Sky News’ Sunday Morning with Trevor Phillips, Mr Hunt said his speech would focus on growth, and pledged to “remove the barriers that stop businesses growing”.
Changes to inheritance tax are being considered – including reducing the tax rate from 40% to 20% on estates above £325,000. If the tax rate isn’t cut in half, there have also been suggestions it could be lowered by 30% or 20%, according to The Times.
But any changes to inheritance tax wouldn’t affect the majority of the population – only 4% of estates paid inheritance tax in 2021.
However, Sky News deputy political editor says in his latest podcast: “Despite all of the chatter… I actually don’t think that that’s particularly going to happen.”
The government could also cancel a planned increase on stamp duty.
The chancellor is also expected to cancel the planned 5p increase in fuel duty from April next year.
Mr Hunt has signalled there could be a squeeze on benefits to find savings for tax cuts.
Typically, the increase to benefits is based on the September figure for inflation – so a 6.7% hike.
But the chancellor has not ruled out using October’s figure instead, which would mean a 4.6% rise.
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What’s the difference between the autumn and spring statements?
The spring budget was the main fiscal event of 2023. The budget is where the most significant tax and spending changes are usually announced.
The autumn statement is supposed to be an update – but sometimes the announcements can be just as big and important.
In 2017 the government introduced a change that was supposed to mean the budget would take place in autumn, and a spring statement would be delivered shortly before the start of the financial year on 6 April.
But since 2019 the timing has been thrown off – first by the 2019 general election and the COVID-19 pandemic, then the change in leadership in 2022.
Watch live coverage on Sky News of the autumn statement from 11am on Wednesday.
Glasgow has been a city crying out for solutions to a devastating drugs epidemic that is ravaging people hooked on deadly narcotics.
We have spent time with vulnerable addicts in recent months and witnessed first-hand the dirty, dangerous street corners and back alleys where they would inject their £10 heroin hit, not knowing – or, in many cases, not caring – whether that would be the moment they die.
“Dying would be better than this life,” one man told me.
It was a grim insight into the daily reality of life in the capital of Europe’s drug death crisis.
Scotland has a stubborn addiction to substances spanning generations. Politicians of all persuasions have failed to properly get a grip of the emergency.
But there is a new concept in town.
From Monday, a taxpayer-funded unit is allowing addicts to bring their own heroin and cocaine and inject it while NHS medical teams supervise.
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It may be a UK-first but it is a regular feature in some other major European cities that have claimed high success rates in saving lives.
Glasgow has looked on with envy at these other models.
One supermarket car park less than a hundred metres from this new facility is a perfect illustration of the problem. An area littered with dirty needles and paraphernalia. A minefield where one wrong step risks contracting a nasty disease.
It is estimated hundreds of users inject heroin in public places in Glasgow every week. HIV has been rife.
The new building, which will be open from 9am until 9pm 365 days a year, includes bays where clean needles are provided as part of a persuasive tactic to lure addicts indoors in a controlled environment.
There is a welcome area where people will check in before being invited into one of eight bays. The room is clinical, covered in mirrors, with a row of small medical bins.
We were shown the aftercare area where users will relax after their hit in the company of housing and social workers.
The idea is controversial and not cheap – £2.3m has been ring-fenced every year.
Authorities in the city first floated a ‘safer drug consumption room’ in 2016. It failed to get off the ground as the UK Home Office under the Conservatives said they would not allow people to break the law to feed habits.
The usual wrangle between Edinburgh and London continued for years with Downing Street suggesting Scotland could, if it wanted, use its discretion to allow these injecting rooms to go ahead.
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The stalemate ended when Scotland’s most senior prosecutor issued a landmark decision that it would not be in the public interest to arrest those using such a facility.
One expert has told me this new concept is unlikely to lead to an overall reduction in deaths across Scotland. Another described it as an expensive vanity project. Supporters clearly disagree.
The question is what does success look like?
The big test will be if there is a spike in crime around the building and how it will work alongside law enforcement given drug dealers know exactly where to find their clients now.
It is not disputed this is a radical approach – and other cities across Britain will be watching closely.
Temperatures in northern parts of the UK could fall as low as minus 20C on Friday night as wintry weather continues, the Met Office has said.
There are yellow warnings for ice on Friday morning covering the eastern coast of England and Scotland, the South West, Wales and Northern Ireland.
There is also a yellow warning for snow and ice for northern Scotland. All the warnings expire before midday.
In addition, freezing fog is predicted across central and southeast England, and in parts of Wales, which may be “quite stubborn to clear” on Friday morning, said Met Office meteorologist Liam Eslick.
“It’s going to be another cold couple of days,” he added, and all areas of the UK are likely to experience sub-zero temperatures.
Friday night may bring the coldest temperatures of the current cold snap, with temperatures possibly plummeting as low as minus 15C or even minus 20C.
“That’s probably the lowest limits we’re expecting,” Mr Eslick said.
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“We probably don’t really expect many places to get close to minus 20C, but we could see one or two places that could just touch that mark overnight Friday into Saturday.”
That is because of still conditions, high pressure, “not a lot of wind and clear skies”.
In addition, snow on the ground helps to create “sort of a perfect scenario to see those temperatures just plummet”, Mr Eslick added.
Saturday is also likely to be bitterly cold, while Sunday is forecast to be a little warmer.
On Monday, temperatures are expected to be more in line with the seasonal norm, at about seven or eight degrees Celcius.
The freezing conditions have led to travel disruption, with Manchester Airport closing both its runways on Thursday morning because of “significant levels of snow”. They were later reopened.
Transport for Wales closed some railway lines because of damage to tracks.
Hundreds of schools in Scotland and about 90 in Wales were shut on Thursday.
Meanwhile, staff and customers at a pub thought to be Britain’s highest were finally able to leave on Thursday after being snowed in.
The Tan Hill Inn in Richmond, North Yorkshire, is 1,732 feet (528m) above sea level.
Six staff and 23 visitors were stuck, the pub said on Facebook.
Bosses of leading high street businesses are set to lead a new drive to cut crime and get ex-offenders into stable jobs.
It’s part of a government initiative creating 11 new regional employment councils across England and Wales.
Leaders from firms including the Co-Op, Iceland, Greggs, and Oliver Bonas will provide voluntary advisory roles in conjunction with probation, job centres, and the Department for Work and Pensions.
The idea is to help ex-prisoners find work while they serve the remainder of their sentence in the community.
The government says roughly 80% of offending is reoffending, while the latest data shows offenders unemployed six weeks after leaving jail have a reoffending rate more than twice that of those in work – 35% versus 17%.
The employment councils will supplement the work of existing employment advisory boards, created by the former Timpsons chief executive, now prisons minister, Lord Timpson.
The advisory boards bring local leaders into 93 individual jails to help provide education and training advice, but largely stop at the prison gates.
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The government wants the new councils to act as better bridges for offenders, under one umbrella – bringing together probation, prisons and local employers, helping prison leavers look for work.
This will include connections with work coaches at job centres that will provide mock interviews, CV advice and training opportunities in the community.
Lord Timpson called the new scheme and partnering with business a “win win”.
“Getting former offenders into stable work is a sure way of cutting crime and making our streets safer,” he said.
Last month Sky News heard from former offender, Terry, now employed at the cobblers and key cutters Timpsons, about what he calls an “invisible stigma” for those with criminal records seeking employment.
He said getting a secure job was life-changing because without other options “you’re probably going to think about doing crime”.
Annie Gail, head of social impact at Cook Foods, which is taking part of the government’s new scheme, also told Sky News that prison leaver programmes such as theirs are “challenging”.
She said having ex-offenders in public-facing roles “can cause concern” but insists “good business is about more than just turning a profit” and instead is about being “a force for good in society”.
The new scheme is set to start next week, and plans to get thousands of ex-offenders into stable jobs, away from a life of crime.