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and how much of it would we have had to have done anyway? to have done anyway? this is a rescue budget. to have done anyway? this is a rescue budget. part to have done anyway? this is a rescue budget. part of - to have done anyway? this is a rescue budget. part of the - to have done anyway? this is a - rescue budget. part of the rhetoric has been rescue budget. part of the rhetoric has been about overturning what has been acknowledged by both current inhabitants of downing street as being inhabitants of downing street as being the mistake of the mini budget being the mistake of the mini budget. i think they want to step back and budget. i think they want to step back and say, the bigger think they are dealing with in terms of the economy are dealing with in terms of the economy is in fact a massive energy shock economy is in fact a massive energy shock both economy is in fact a massive energy shock. both of those things. usually weighted shock. both of those things.
of any binding deal is coming out of today s meeting. instead it was an attempt to lower the temperature, with each country setting out what it will not tolerate from the other in the hope of preventing disagreement turning into conflict and to try to avoid a new cold war. sarah smith, bbc news. on thursday the chancellor jeremy hunt will announce his autumn statement. he s warned that we will all be paying more tax and that some of the cuts required are eye watering. tens of billions of pounds are set to be clawed back but exactly how to do that while trying to grow the economy at the same time isn t easy. 0ur economics editor, faisal islam is here. so what are some of the major issues facing the government? this is a very unusual chancellor s statement a type of rescue budget after a massive energy shock. this is how big in 2019, the uk as a whole that s households, companies and government spent about £40 billion on its energy bill.
isn t easy. our economics editor faisal islam is here. so what are some of the key issues facing the government? this is a very unusual budget a type of rescue budget after a massive energy shock. this is how big in 2019, the uk as a whole that s households, companies and government spent about £40 billion on its energy bill. this year, it s up fourfold, so £190 billion that increase is basically like having to fund another nhs. that cost can t be shouldered by households and it s the government s job is to share the pain around pain the prime minister acknowledges has also been made worse by his predecessor. on the steps of downing street, i said that mistakes had been made and part of the reason that i became prime minister was to address them and what we ve seen now is that stability has returned to the united kingdom. but that s because the expectation is that the government will make those difficult but necessary decisions. and those difficult decisions are likely to
thresholds, ordinarily they go up inflation, so they are adjusted in line with inflation. when they are kept frozen, in cash terms, that means much more of people s salaries in the tax system and in higher rates of tax, so a greater proportion goes to the exchequer. that raises lots of money, without being a formal rise in the tax rate. the flip side is that you will get many millions more paying higher rate tax, perhaps 7 million in total. it was 2,000,019 97. i think the bigger picture in terms of the strategy, though, is the government seesit strategy, though, is the government sees it as a rescue budget, a rescue from the energy crisis, one fact floating around the treasury is this extraordinary fact, that the national energy bill now, the increase from 2019 to this year, is what we spend on the nhs every year. and that has got to be funded somewhere. a lot of it is coming from the taxpayer and from borrowed money. so you have a situation where taxes are going up, spending is
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