Discover and read the best of Twitter Threads about #AutumnStatement
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THREAD🧵 A worrying new era for our finances - but there's a new-look @ftmoney section in @ftweekend today and every Saturday to help investors make the most of their money... Here's a quick tour of the highlights!
Kicking off with full analysis of the #AutumnStatement @joshckoliver uncovers some potential silver linings for UK investors, with @marymcdougall13 @JosephineCumbo and @MrJamesPickford on tax, pensions and property... ft.com/content/9a802f…
Meet our new columnist @stuartkirk__ (yes, THAT Stuart Kirk) who begins a new weekly column "Skin in the Game" revealing how he's managing his own portfolio (note: he also has faith in UK stocks) ft.com/content/292624…
🔴 Jeremy Hunt's #AutumnStatement could mean a 'winter of hardship' for many
Read more 👇
opendemocracy.net/en/autumn-stat…
Read more 👇
opendemocracy.net/en/autumn-stat…
💰 The government estimates capping social rents will save it £630m over five years.
⛔️ Private rents, however, will remain unregulated.
opendemocracy.net/en/autumn-stat…
⛔️ Private rents, however, will remain unregulated.
opendemocracy.net/en/autumn-stat…
🔎 @openDemocracy previously revealed that housing associations had lobbied the government not to cap social rents too low.
Meanwhile, these associations were paying paying their executives nearly £300,000 a year each. 👇
opendemocracy.net/en/g15-housing…
Meanwhile, these associations were paying paying their executives nearly £300,000 a year each. 👇
opendemocracy.net/en/g15-housing…
#Thread
“The truth is we just got a lot poorer. We are in for a long, hard, unpleasant journey; a journey that has been made more arduous than it might have been by a series of economic own goals” - Paul Johnson of the pro-market IFS.
#AutumnStatement
theguardian.com/business/2022/…
“The truth is we just got a lot poorer. We are in for a long, hard, unpleasant journey; a journey that has been made more arduous than it might have been by a series of economic own goals” - Paul Johnson of the pro-market IFS.
#AutumnStatement
theguardian.com/business/2022/…
Asked to lay out what he meant by “own goals”, Paul Johnson, the director of the pro-market Institute for Fiscal Studies (IFS), said these included “reducing investment spending”, a decision made by a series of governments, & cutting spending on vocational & further education.
“Very clearly Brexit was an economic own goal. Economically speaking that has been very bad news indeed. Obviously, the mini-budget of a couple of months ago didn’t help. In fact, that was another very large own goal.”
🚨 NEW 🚨
Fact Check *Special Edition*: What The Budget 🫰
Presenting the #AutumnStatement yesterday Jeremy Hunt said the govt was being "honest about the challenges."
Really? 🤔
@Femi_Sorry breaks it down for us
Fact Check *Special Edition*: What The Budget 🫰
Presenting the #AutumnStatement yesterday Jeremy Hunt said the govt was being "honest about the challenges."
Really? 🤔
@Femi_Sorry breaks it down for us
🔴 Chancellor Jeremy Hunt has now delivered the Autumn Statement — and with it revealed his plan to plug a £55bn hole in the public finances
Thread 🧵
telegraph.co.uk/business/2022/…
Thread 🧵
telegraph.co.uk/business/2022/…
🔴 Mr Hunt is filling just under half of this black hole with a package of tax hikes worth around £25bn.
'We want low taxes and sound money, but sound money has to come first,' he told MPs
telegraph.co.uk/business/econo…
'We want low taxes and sound money, but sound money has to come first,' he told MPs
telegraph.co.uk/business/econo…
🔴 The rest of the hole – about £30bn – will come from spending cuts.
Yet Mr Hunt was keen to stress he would be protecting key parts of public services, telling MPs: 'To be British is to be compassionate'
telegraph.co.uk/business/econo…
Yet Mr Hunt was keen to stress he would be protecting key parts of public services, telling MPs: 'To be British is to be compassionate'
telegraph.co.uk/business/econo…
In response to @Jeremy_Hunt's #AutumnStatement, David Ramsden, Chief Executive of Cystic Fibrosis Trust, said: "Many people with #cysticfibrosis are in a desperate situation and face a very challenging winter." (1/7)
"While it is a relief that the Chancellor has responded to our call for benefits to be increased in line with inflation, this increase needs to be implemented immediately, rather than waiting until April 2023." (2/7)
"Every day our Helpline hears awful stories, such as a man with CF who has been sleeping in his car as he was too afraid to put his heating on at home after getting into debt with his energy supplier," (3/7)
#AutumnStatement: Comment from @cmcanea general secretary of UNISON, UK’s largest union
“The previous Conservative government trashed the economy. But the chancellor behaves likes it’s nothing to do with him. Millions will be feeling the financial pain for years to come
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“The previous Conservative government trashed the economy. But the chancellor behaves likes it’s nothing to do with him. Millions will be feeling the financial pain for years to come
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“Super-high inflation means callous cutbacks are on the cards for essential services. Everyone’s paying the price for getting the Conservatives out of the mess they alone created
@cmcanea UNISON #AutumnStatement
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@cmcanea UNISON #AutumnStatement
2/6
“The government acts like there’s no public sector pay or workforce crisis. Nothing was said today to change the minds of NHS staff currently voting on strike action
@cmcanea UNISON #AutumnStatement
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@cmcanea UNISON #AutumnStatement
3/6
Lots to unpick from the #AutumnStatement today. "Increased flexibilities" in Council Tax, and a swathe of tax changes that will interact. Interesting that the OBR is expecting CGT receipts to fall despite reduction in allowances (which should be abolished).
The growth forecasts over the short-term are grim, and spending plans over the long term will be a challenge to meet. But what does the OBR think will happen to put growth at 2.6% in 25/26? What causes this uptick? Seems too optimistic against other govt plans.
Interesting announcement on trailblazer devo deals, with potential of a single dept-style settlement.
In today’s #AutumnStatement @Jeremy_Hunt & @RishiSunak have unleashed a new wave of austerity on the British people and our public services. They claim to be “putting the #NHS first” with a £3.3bn funding increase. But in reality, this is a real terms cut -here’s why…
THREAD:1/6
THREAD:1/6
The context for this budget is that our health service is already at breaking point. After 12 years of Conservative governments, we’ve got millions on waiting lists, overwhelmed ambulance services, and underpaid and overworked staff leaving in their thousands…
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This NHS crisis has been years in the making. A report by the Health Foundation revealed that the UK has spent around 20% less per person on health each year than similar European countries over the past decade. That’s a gap of £40bn.
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Here is the #AutumnStatement documents for those who like to go devil hunting in the detail: gov.uk/government/pub…
New targets for the NHS with a recovery plan in the new year to include reaching cat 2 999 calls (strokes/heart attacks) within 30 minutes on avg by 2023-24 + better A&E waits and improved GP access #AutumnStatement
The NHS will "explore further options" to boost patient choice to access care "from any provider - private sector or NHS" with better data and earlier info #AutumnStatement
Chancellor Jeremy Hunt kicks off #AutumnStatement
Says priorities are "stability, growth, public services"...
Says priorities are "stability, growth, public services"...
..."High inflation is the enemy of stability....hurts the poorest the most"...
..."We need fiscal and monetary policy to work together".
Wants Treasury "lockstep" with the Bank of England...
Wants Treasury "lockstep" with the Bank of England...
Actually, nice thread here explaining that there are some parliamentary procedural diffs btwn this and #Budget
Priorities are stability, growth, public svcs. Let's see how we go on those
💷 Chancellor Jeremy Hunt's #AutumnStatement is about to begin.
Tax rises and spending cuts are expected.
We'll be tweeting the big announcements in this thread. Follow along 👇
Tax rises and spending cuts are expected.
We'll be tweeting the big announcements in this thread. Follow along 👇
Hunt: Today we deliver a plan to tackle the cost of living crisis and rebuild our economy.
His priorities are stability, growth, public services and to protect the vulnerable.
His priorities are stability, growth, public services and to protect the vulnerable.
1️⃣ Stability:
High inflation is the enemy of stability, Hunt says.
Hunt says OBR confirms that "global factors are the primary cause" of current inflation.
High inflation is the enemy of stability, Hunt says.
Hunt says OBR confirms that "global factors are the primary cause" of current inflation.
🧵We need a real plan for an affordable Britain. Here’s how the Chancellor can use his #AutumnStatement to #StopTheSqueeze by:
💡 Guaranteeing affordable energy
💷 Boosting incomes
⚖️ Raising taxes on wealth
💡 Guaranteeing affordable energy
💷 Boosting incomes
⚖️ Raising taxes on wealth
The Chancellor is set to raise the energy price cap to as much as £3,100 this morning. And with the Energy Price Guarantee ending in April, energy bills will become even less affordable for millions.
theguardian.com/politics/2022/…
theguardian.com/politics/2022/…
But the Chancellor has an option to guarantee affordable energy. Not just for now, but for the long term.
He can do this by:
✅Reforming our broken energy market
✅Ending profiteering
✅Driving a rapid acceleration of investment in cleaner technologies
He can do this by:
✅Reforming our broken energy market
✅Ending profiteering
✅Driving a rapid acceleration of investment in cleaner technologies
(Bad) News. The assessment period for April price cap starts today. Unless chancellor intervenes thats the default.
It's early days but the new prediction from @CornwallInsight is UP 49.5% on current rate taking a typical bill for illustration to £3,739/yr (current £2,500)
Cont
It's early days but the new prediction from @CornwallInsight is UP 49.5% on current rate taking a typical bill for illustration to £3,739/yr (current £2,500)
Cont
It has also this time predicted new rates
So it says elec standing charge at 37p a day (currently 46p), unit rate a hideous 58p/kWh (34p now). So there's standing charge reduction but unit rate up.
Gas standing charge 31p (28p now), unit rate 15p/kWh (10p now)
Cont
So it says elec standing charge at 37p a day (currently 46p), unit rate a hideous 58p/kWh (34p now). So there's standing charge reduction but unit rate up.
Gas standing charge 31p (28p now), unit rate 15p/kWh (10p now)
Cont
If Chancellor does extend the price guarantee in the #AutumnStatement (which in plain speak means state subsidises the rate) but at 25% more than currently. This means state would typically be funding avg £700/yr per house at this rate (tho price cap would change again in July)
Giving people seeking asylum the right to work is worth £300 million a year to the Treasury.
So today we're asking: Jeremy Hunt, do you want this cheque?
#LiftTheBan #AutumnStatement
So today we're asking: Jeremy Hunt, do you want this cheque?
#LiftTheBan #AutumnStatement
Here's how we reached the figure of £300 million. 🧮
It's based on national insurance and income tax contributions if half of the 69,593 working-age people waiting more than six months for a decision on their asylum claim found work.
It's based on national insurance and income tax contributions if half of the 69,593 working-age people waiting more than six months for a decision on their asylum claim found work.
Once able to support themselves, people would no longer need asylum support payments from the government.
So we added that saving onto the final amount as well. The grand total was £308,472,107.
So we added that saving onto the final amount as well. The grand total was £308,472,107.
🔴 Jeremy Hunt is set to deliver his eagerly-anticipated Autumn Statement this morning as he unveils his strategy for stabilising the public finances.
Get the latest updates throughout the day ⬇️
Get the latest updates throughout the day ⬇️
❓What will be in the Autumn Statement?
We already have an idea of what will be in the Chancellor's statement today.
These are some of the moves expected to be announced by Jeremy Hunt 👇
telegraph.co.uk/politics/2022/…
We already have an idea of what will be in the Chancellor's statement today.
These are some of the moves expected to be announced by Jeremy Hunt 👇
telegraph.co.uk/politics/2022/…
David Davis, the former Brexit secretary, has said the Autumn Statement will be "gloomy" and he does not expect there to be any rabbits pulled out of the hat by Jeremy Hunt.
Read more:
telegraph.co.uk/politics/2022/…
Read more:
telegraph.co.uk/politics/2022/…
Are we potentially facing "Austerity 2.0" in the #AutumnStatement because of the fallout from the #MiniBudget?
Or is it because of economic forces beyond the UK, such as the energy crisis and rising *global* interest rates?
Explanatory chart thread 🧵...1/
Or is it because of economic forces beyond the UK, such as the energy crisis and rising *global* interest rates?
Explanatory chart thread 🧵...1/
...To attempt an answer, go back to the last set of official forecasts we had from the @OBR_UK back in March.
The government was then projected to be borrowing around £32bn in 2026-27 (the final year of the forecast period) and to be *meeting* its fiscal rules...2/
The government was then projected to be borrowing around £32bn in 2026-27 (the final year of the forecast period) and to be *meeting* its fiscal rules...2/
...The @resfoundation (similar to other forecasters) now expects borrowing in that year to be around £90bn and for the government to *break* its fiscal rules.
So what’s driving that £58bn projected increase in borrowing?...3/
So what’s driving that £58bn projected increase in borrowing?...3/
The media is awash with talk of a “fiscal hole” that needs to be filled with tax rises/spending cuts in next week's #AutumnStatement.
But what is this "fiscal hole" & how worried should we be about it?
A thread... 🧵1/
But what is this "fiscal hole" & how worried should we be about it?
A thread... 🧵1/
...The first thing to stress is that it’s NOT some kind of hard financial limit on government spending or borrowing, which, if breached, means disastrous things automatically happen...2/
...Rather, it’s a measure of how far off course the government is from meeting its own fiscal rules, the main plank of which has been to have the national debt falling as a share of the overall economy in three years' time, implying the financial year 2025-26...3/
UPDATE on #AutumnStatement
No final decisions yet taken but #Newsnight understands it will likely...
- Target debt falling as share of GDP in 5 years' time (not 3 years, as per existing rule)...
No final decisions yet taken but #Newsnight understands it will likely...
- Target debt falling as share of GDP in 5 years' time (not 3 years, as per existing rule)...
...
- Cuts to departmental spending likely to be pencilled in for *after* the current Spending Review period ends in 2024/25 - though no compensation for departments for higher inflation *in* Spending Review period so de facto real terms cuts...
- Cuts to departmental spending likely to be pencilled in for *after* the current Spending Review period ends in 2024/25 - though no compensation for departments for higher inflation *in* Spending Review period so de facto real terms cuts...
...
- Despite backdating of spending cuts, will still be significant fiscal consolidation in next 2 years aswell
- Real terms cuts to benefits not ruled out, ditto suspension of triple lock
- Capital spending cuts (infrastructure) still in play...
- Despite backdating of spending cuts, will still be significant fiscal consolidation in next 2 years aswell
- Real terms cuts to benefits not ruled out, ditto suspension of triple lock
- Capital spending cuts (infrastructure) still in play...
The requirement for #fiscalpolicy is to find the right balance between flexibility to respond to changing socioeconomic circumstances and the credibility to maintain control of #debt.
A THREAD 🧵⬇️
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#AutumnStatement
#UKeconomy
#EconTwitter
niesr.ac.uk/publications/d…
A THREAD 🧵⬇️
1/8
#AutumnStatement
#UKeconomy
#EconTwitter
niesr.ac.uk/publications/d…
Rules-based policies matter for credibility as they impose both external and internal discipline, help ensure economic agents condition on the govt’s plans and allow us to understand progress relative to the plan, as we outlined in our research back in the spring of 2021 👆
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We suggest five main proposals for a new #fiscalframework which seeks to address the current deficiencies:
1⃣ ▶️ The #Chancellor should set out a structured timetable for fiscal events and deliver a #Budget speech focused on the state of the economy and the
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1⃣ ▶️ The #Chancellor should set out a structured timetable for fiscal events and deliver a #Budget speech focused on the state of the economy and the
3/8
