'The chancellor is going to be administrating pretty painful medicine today.' What can we expect from the autumn statement? Sky's gurpreetnarwan explains. KayBurley Follow live 👉 📺 Sky 501, Virgin 602, Freeview 233 and YouTube
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As a result of all of this, it won't be possible to get all Tory MPs singing from the same hymn sheet at Mr Hunt's Thursday memorial service for Trussonomics.The past few months have seen turmoil at the top of politics and in the markets. Among the measures was a scrapping of the top rate of income tax, a reversal of the rise in National Insurance and the rubbishing of the proposed rise in corporation tax.
Ms Truss then resigned as prime minister when it became clear she could no longer govern Tory MPs. She was replaced by Mr Sunak. Treasury sources have told Sky News the financial"black hole" could be as large as £60bn - which may require up to £35bn of spending cuts and an extra £25bn raised through taxation.Freezing tax bands generates money by people moving up tax bands as their salaries increase with inflation.
It is a long-term manifesto commitment of the Conservative Party, but has been under threat since inflation reached 10.1% in September. You'll have spotted this strategy before, and not just in politics - though George Osborne's 2010 summer budget is often held up as the prime example. Note how when a new chief executive takes over at a company, they will invariably begin by telling you the whole place needs a desperate clean-up and a change of strategy.
One of the things that almost certainly unnerved investors back in September was that the mini-budget put the national debt on an ever-increasing trajectory. The main task the chancellor is focusing on this time around is changing that trajectory so that the national debt is falling in five years' time. This is where the much-discussed"black hole" concept comes in.
He is expected to announce a package of tax rises and spending cuts to fill a"black hole" of around £54bn.A rise in the average energy bill cap is expected, rising to £3,000 rather than £2,500 from April next year Conservative MP Iain Stewart has been elected to replace outgoing transport committee chairman, Conservative MP Huw Merriman - who is now a transport minister.
Mr Walker said he was"honoured to receive the support of some of the people I respect most in Parliament" in being elected as chair of the education committee. The comments come after a deadly missile blast on NATO territory in Poland and Iran's reported"ambitions" to kidnap or kill Britons it sees as"enemies of the regime", according to the boss of MI5.
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