The new Finance Minister, Jeremy Hunt, presented the autumn budget, and he is under enormous pressure to get it right on his very first go after two UK Chancellors didn't even last long enough to hold the famed red box. 

In addition to having to restart the British economy, Hunt also has to fix the errors made by his predecessor.

 There is often little attention to the autumn financial statement. Every year, the primary budget is submitted in March.

But this year is not like the ones before it. The United Kingdom has had three prime ministers in only seven weeks, and 

right now Prime Minister Rishi Sunak and his strategy to restore stability to the economy are the centre of attention.

The emphasis would need to be on stabilising the economy and bringing inflation under control. 

Jeremy Hunt claimed that all British citizens will see a tax increase in order to do that.

 The infamous mini-budget has already been undone by the chancellor.

Jeremy hunt reversed the disastrous mini-budget presented by Kwasi Kwarteng

What measures did Hunt announce at the budget?

The UK is currently paying four times as much on electricity as it normally would. 

The conflict in Ukraine, the COVID Pandemic, and of course the effects of Brexit are being felt in the British economy. 

The UK economy has had a wild few months, and the government is scrambling to find more money, so the future months will be difficult for the British people.

A $65 billion tax increase was announced by the British Exchequer Counsellor. He also made a number of budget-cut announcements. 

He has now declared in front of the Parliament that there is a recession in the British economy. According to projections, the UK's GDP would actually contract by 1.4% in 2013.

Jeremy Hunt admitted in the parliament that the country is facing a recession

UK's main purpose is to control inflation

As of right now, Jeremy Hunt has admitted that the UK is in a recession and that things will actually get worse before they get better. Additionally, he claims that because the plan will be implemented in a balanced manner, inflation and interest rates will ultimately be substantially lower. 

The amount of tax that the average British person will have to pay will also significantly increase, he continued.

Also mentioned is Jeremy Hunt's declaration of a freeze on the income tax threshold. 

Therefore, as wages rise, more people will be taxed as a percentage of their income in Britain, pushing them into higher tax rates.

The threshold for when the richest earners begin paying the top rate of tax would be lowered from over 150,000 pounds to roughly 125 odd thousand pounds, the chancellor added in a statement.

Jeremy Hunt (in the centre) pictured alongside the new UK Prime Minister Rishi Sunak

The Chancellor of the United Kingdom has also said that an increased windfall tax of 35%, will be levied on the energy sector. A temporary 45% tariff on electricity generators has also been enacted by him. 

Hunt claims that the British economy hopes to raise close to £14 billion next year in addition to these taxes.

In Britain, more people will be required to pay a higher rate of tax. 

And Jeremy Hunt is optimistic that this will help the British economy weather the rise in living expenses.

 Many of the things they mentioned in the autumn statements seemed to be fairly encouraging. 

Money was pledged to social services, the NHS, and the public sector. 

Additionally, they are examining the universal credit system and attempting to weed out those who are making false claims.

The UK is going through a severe cost of living crisis, especially with rising fuel costs

But where is that money coming from, and why is it a problem? Because the £55 billion gap that he claimed he wants to try to close during the next five years must undoubtedly be filled. 

And those who will pay more taxes for it will be those with middle-class and higher incomes. As a result, the threshold range has decreased. 

Before you reached a greater income threshold for taxation or had to pay more tax, the threshold was £150,000; now it is only £125,000.

Thus, if wages do increase—which is what people are asking for since they haven't increased in accordance with inflation for 5 years—the tax rate would go up as well.

 If earnings do increase, workers will move into a higher tax rate and be required to pay more tax to make up the difference.

Electric Vehicles will also be taxed higher

 This is important because many people were encouraged to purchase electric cars, and now we are hearing that they will be subject to taxes. 

Registered electric vehicles in the UK have gone up in the last 10 years

Although the specific amount of the car tax is unknown and may be fairly low, it will still generate one billion pounds. Again, those who have made extra efforts to support and improve the environment will now be subject to an additional tax.

But what about heating homes during the winter?

In Britain, many people must decide between heating their homes and eating. 

Has Jeremy Hunt addressed this crucial problem in the minds of the British people?

He did say that some extra money would be added to people's bank accounts to aid with the winter, so he will be putting extra money into their bank accounts. 

However, it does appear to be particularly focused on lower-income households. 

Although he mentioned universal credit, many people are still worried. As grains are now being transported through our exports, there was an initial discussion that the price of food should decrease. 

So perhaps inventory will return to the shelves.

 However, it is up to the enterprises to spread out those cost savings; this is independent of the government.

UK finance minister tells the world, "We are in a recession"

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