Recession to bring biggest ever drop in incomes

The Independent's Morning Headlines email [View online]( November 18, 2022 [Morning Headlines]( 1 / [Jeremy Hunt statement sets scene for ‘grim’ fall in living standards]( Britain is facing the sharpest fall in living standards for generations, as the chancellor confirmed the UK is now in a recession expected to last until 2024. In an autumn statement designed to rein in inflation and restore financial stability, Jeremy Hunt deployed stealth taxes totalling £25bn and £30bn of cuts to public services to fill a £55bn gap in the government’s books. He also set a course for austerity in public services like police, transport and local government, providing no extra cash to offset soaring inflation for the next three years and slashing expected increases in the following three by £36bn.   2 / [10m without power in Ukraine as Russia launches new airstrikes on homes and power facilities]( Russian strikes hit Dnipro and Odesa region for first time in weeks 3 / [North Korea launches biggest ever ICBM with ‘potential to strike entire US mainland’]( Test may involve its most advanced intercontinental ballistic missile to date 4 / [UK weather: Amber warning for rain amid strong winds, flooding and snow alert]( 'With this kind of rainfall, we are expecting some flooding' 5 / [Record low now think Brexit was a good idea]( It comes as UK’s economic fortunes fade     The Big Question What were all the key points from Jeremy Hunt’s Autumn Budget? [Jeremy Hunt]( has delivered his [autumn statement](, confirming [tax rises]( for millions and deep public [spending cuts]( as he seeks to repair the public finances following a series of shocks to the [economy](. The [chancellor]( said his plan would aim to “rebuild our economy” in the aftermath of the Covid pandemic, Liz Truss’s disastrous September mini-Budget and Russia’s ongoing war in Ukraine, which is fuelling rampant inflation. Addressing MPs in the House of Commons on Thursday morning, Mr Hunt said the government’s priorities “are stability, growth, and public services”. He also vowed to “protect the most vulnerable.” Mr Hunt set out some £30 billion in spending cuts and £24 billion in tax rises over the next five years. Here are some of the measures included in the budget and what they mean. [For the full story click here >](   Watch/ [Builder leads police to site where he murdered and buried girlfriend](   NUMBER OF THE DAY 45p More Britons will pay higher rates of tax after the autumn state as Jeremy Hunt announced he was freezing allowances for two further years and cutting the threshold for the 45p top rate.   QUOTE OF THE DAY “Are me and my family better off with a Conservative government? And the answer is no.” – Shadow chancellor Rachel Reeves after the budget was announced yesterday       Other stories you might like   [Awaab Ishak: Housing boss refuses to resign over death of toddler caused by mould](   [Manchester United ‘cut my legs’ and stopped me shining, says Cristiano Ronaldo](   [Judge blocks parents’ bid to use dying son’s sperm to father a child](       Articles available exclusively to subscribers [Salma Shah](, The Independent -[This is what it’s like on Budget day when you work at Westminster](   Other newsletters you might like [The Race Report] The Race Report Fortnightly, 7am (UK time) Written by Nadine White [Sign up]( [Inside Politics] Inside Politics Weekdays, 8am (UK time) Written by Matt Mathers [Sign up](   If you can spare a minute we’d love your [feedback]( on our newsletters. [The Independent]( Join the conversation or follow us [Facebook]( [Twitter]( Please do not reply directly to this email You are currently registered to receive The Independent's Morning Headlines newsletter. Add us to your safe list of senders. If you do not want to receive The Independent's Morning Headlines newsletter, please [unsubscribe](list_name=IND_Headlines_Masterlist_CDP). If you no longer wish to receive any newsletters or promotional emails from The Independent, you can unsubscribe [here](. This e-mail was sent by Independent Digital News and Media Ltd, 14-18 Finsbury Square, London EC2A 1AH. Registered in England and Wales with company number 07320345. Read our [privacy notice]( and [cookie policy](.