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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.

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.

Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street, London, with his ministerial box before delivering his Budget at the Houses of Parliament. Picture date: Wednesday March 15, 2023. Photo credit should read: Stefan Rousseau/PA Wire
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Chancellor Jeremy Hunt before the spring budget

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.

Mr Hunt has announced plans to remove benefits and step up monitoring of welfare recipients in an effort to bring more people into work. Further rules of the Back To Work Plan will be set out in the autumn statement.

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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.

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Russian oil still seeping into UK – the reasons why sanctions are not working

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Russian oil still seeping into UK - the reasons why sanctions are not working

The Russian state has been making more money from its oil and gas industry in the past three months than in any comparable period since the early days of the Ukraine invasion, it has emerged.

The figures underline that despite the imposition of various sanctions on fossil fuel exports from Russia since February 2022, the country is still making significant sums from them. This is in part because rather than preventing Russia from exporting oil, gas and coal, they have simply changed the geography of the global fossil fuels business.

In the three months to April, Russia made a monthly average of 1.2 trillion rubles (£10.4bn) from its oil and gas revenues, according to Sky analysis of figures collected by Bloomberg.

That is the highest three-month average since April 2022.

It comes amid elevated oil prices and concerns that sanctions on Russia are failing to prevent the country earning money and waging war on Ukraine.

Before the invasion of Ukraine, the world’s biggest recipients of Russian oil experts were the European Union, the US and China. Since then, the UK, US and EU have banned the import of crude oil or refined products from Russia.

G7 nations have also introduced a price cap which aims to prevent any Western companies – from shipping firms to insurers – from assisting with any Russian oil exports for anything more than $60 a barrel.

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However, Russia continues to export just as much oil as it did before the invasion of Ukraine and the imposition of the price cap.

Sanctions experts say the price cap has been a qualified success, since it has slightly reduced the potential revenues enjoyed by the Kremlin, if it intends to ship that oil via most commercial ships. In response, Russia is reported to have built up a so-called “dark fleet” of ships carrying Russian oil without obeying those sanctions.

The top three destinations for Russian oil are now China, India and Turkey. The UK now imports considerably more oil and oil products from the Middle East than before, making it more reliant on the Gulf.

However, Russian fossil fuel molecules are still being exported to the UK, albeit indirectly, because the sanctions imposed by western nations do not cover oil products refined elsewhere.

The upshot is that Indian refineries are importing a record amount of oil from Russia, and Britain is importing a record amount of oil from Indian refineries – up by 176% since the invasion of Ukraine.

At least some Russian oil still powers the cars in Britain and the planes refilling in British airports, but because it is impossible to trace the fossil fuels molecule by molecule, it is hard to know precisely how much.

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‘No indication of malicious activity’ as e-gates back working at UK airports after travel chaos

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'No indication of malicious activity' as e-gates back working at UK airports after travel chaos

A “nationwide issue” with e-gates at airports has been resolved after causing travel chaos across the country, the Home Office has said.

It said the system was back up and running and there was “no indication of malicious cyber activity”.

Social media images and footage showed long queues at the passport scanning gates at several airports overnight.

Passengers also reported being held on planes after they landed, while others said the delays caused them to miss trains.

Queues at Gatwick Airport. Pic: Paul Curievici/PA
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Queues at Gatwick Airport. Pic: Paul Curievici/PA

Heathrow, Gatwick and Stansted airports were affected, as well as Manchester, Bristol and Southampton, along with Edinburgh, Glasgow and Aberdeen.

One passenger at Stansted Airport told Sky News they had missed several coaches to central London because of the issues, and only cleared the airport after nearly three hours in line.

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Travel chaos across UK airports

“Not much info given. No water handed out. Babies crying,” they said.

Another at Luton Airport said it took around 80 minutes from leaving their flight from Amsterdam to get through border control.

One traveller said they were held on their plane at Stansted for around an hour and a half after landing.

“We weren’t told much other than the e-gates were down but had no idea how long it would take,” they told Sky News.

“After that not much was said other than we couldn’t disembark till the other five planes ahead of us did.”

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Queues at Heathrow Airport
E-gates at Heathrow Airport
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Queues and closed e-gates at Gatwick Airport

‘No indication of malicious cyber activity’

A Home Office spokesperson said: “E-gates at UK airports came back online shortly after midnight.

“As soon as engineers detected a wider system network issue at 7.44pm last night, a large-scale contingency response was activated within six minutes.

“At no point was border security compromised, and there is no indication of malicious cyber activity.”

Queues seen at Manchester Airport. Pic: @GoggleBizTog
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Queues at Manchester Airport. Pic: @GoggleBizTog

The queue at Gatwick Airport. Pic: Paul Uwagboe/PA
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The queue at Gatwick Airport. Pic: Paul Uwagboe/PA

E-gate system crashed last year

The disruption came after Border Force workers staged a four-day strike at Heathrow Airport in a dispute over working conditions last week.

The union said workers were protesting against plans to introduce new rosters, which they claim will see around 250 of them forced out of their jobs at passport control.

The UK’s e-gates system also crashed in May last year, causing long queues and several hours of delays for passengers.

At the time travel expert Paul Charles told Sky News underinvestment in the UK’s transport infrastructure had left these systems “hanging by a thread”.

Have you been affected? Send us a message on WhatsApp or email news@skynews.com if you want to send us pictures and video.

By sending us your video footage/photographs/audio you agree we can broadcast, publish and edit the material and pass it on to others for similar use in any media worldwide, without any payment being due to you.

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Renewable power reaches record 30% of global electricity

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Renewable power reaches record 30% of global electricity

Experts have hailed a “critical turning point” as renewable power generated a record-breaking 30% of the world’s electricity last year, new data has found.

It raises hopes that the peaking of global greenhouse gas emissions is on the horizon.

But there are concerns many countries are being held up in their switch to clean power because they cannot access the cash needed to fund it.

Last year’s renewable power “milestone” was driven by yet another booming year for wind and especially solar.

China, Brazil and the Netherlands led the way in terms of fast roll-outs, thinktank Ember said in its annual Global Electricity Review.

China alone accounted for 51% of new solar generation and 60% of new wind, even as it continued to build vast amounts of new coal power too.

Christiana Figueres, former United Nations climate chief, called 2023 a “critical turning point”.

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She said “outdated” fossil fuels now can’t compete with the “exponential innovations and declining cost curves in renewable energy and storage”.

“All of humanity and the planet upon which we depend will be better off for it,” she added.

In the last two decades, solar and wind have defied expectations and grown far faster than expected, surging from just 0.2% of global power generation in 2000 to 13.4% in 2023.

Dave Jones, Ember’s head of global insights, said the huge growth was due to “matured” policies and technologies and a plummet in costs.

The cost of solar power halved last year despite a surge in demand, thanks to an explosion in manufacturing capacity.

Meanwhile problems that had held up wind power – such as inflationary costs – began to resolve, unlocking more projects.

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China ramps up coal power despite pledge to control it

A ‘genuinely ambitious’ renewables target

At the COP28 climate summit in Dubai last year leaders pledged to triple renewable power capacity by 2030.

The “genuinely ambitious” target shows leaders are backing renewables, which are the “main tools that we have in the box today to deliver the big emissions reductions we need”, rather than riskier technology, such as that to remove carbon dioxide from the atmosphere, Mr Jones said.

Ember suggests the global burning of fossil fuels in the power sector probably peaked in 2023 and will start to fall this year, along with the pollution and emissions they bring.

As the power sector accounts for the largest share of global emissions, that means global emissions could start to fall soon too.

That is good news for curbing climate change, although scientists have repeatedly warned that emissions are not falling fast enough to limit global warming to agreed safer levels.

Mr Jones said the pace of emissions falls “depends on how fast the renewables revolution continues”.

Joab Okanda, a senior adviser for Christian Aid, based in Kenya, said the roll-out would be “so much faster with the right investment” in African nations, which often face much higher borrowing costs than other countries.

Hanan Morsy, deputy executive secretary and chief economist at the UN’s Economic Commission for Africa, said the continent holds “big potential in renewable energy”.

“Yet a dismally small share of less than 2% of global renewable energy investments are made on the continent. The continent can’t develop further without access to energy.”

He called for financial reforms to bring in affordable and new types of funding.

Financing the clean transition in developing nations, which have typically contributed the least to climate change, will be a key issue at this year’s UN climate summit, COP29 in Azerbaijan.

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