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WORLD CUP WINNERS ENGLAND TRIUMPH DOWN UNDER P22
HUNT: TAX RISES ARE ON THE WAY MONDAY 14 NOVEMBER 2022
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HATS OFF New Lord Mayor greets the City and urges it to lend a hand
CHANCELLOR SETS TONE AHEAD OF AUTUMN STATEMENT STEFAN BOSCIA JEREMY HUNT yesterday warned that taxes would rise for everyone in his autumn statement as he laid the ground for “bad news” this week. The chancellor said the government “will be asking everyone for sacrifices”, but that there is “only so much we can ask” from low income workers. Hunt is expected to raise between £55bn and £60bn on Thursday through a mixture of spending cuts and tax hikes as he tries to manage government borrowing. There has been speculation this will include further freezes on income tax thresholds, a lowering of the top income tax bracket from £150,000
to £125,000 and a hike in capital gains tax. The UK’s debt pile has ballooned following a series of costly support packages to help the country through the Covid-19 pandemic and reduce the pain caused by the steep rise in energy bills. Hunt yesterday said “sound money has to come first” because of the “mistakes” made by former Prime Minister Liz Truss and ex-Chancellor Kwasi Kwarteng. It comes as the Bank of England recently predicted that the UK will be in a recession for two years from early 2023. “I want people to understand that
although these are difficult decisions, we will be doing it in a way that means that we get through to the other side,” Hunt told the BBC. He also said he would outline how the UK can “make a success” out of Brexit, while admitting that leaving the EU has dented the UK economy. “I don’t deny there are costs to a decision like Brexit, but there are also opportunities and you have to see it in the round,” Hunt said. Labour shadow chancellor Rachel Reeves said the government had to make some difficult decisions, but that public services should be protected. “The decisions and choices that Labour would be making would make our tax system fairer and grow the economy so we’ve got the money for those essential public services,” she told the BBC.
STEFAN BOSCIA THE CITY must provide “financial resilience” to help the UK get through the incoming recession, according to the new Lord Mayor of London. Writing in City A.M. today, Nicholas Lyons, who is the 694th holder of the post, said that the “financial services industry must find ways to help people bridge this crisis by providing insurance premium waivers, affordable credit, and debt repayment deferrals.” “I know that the economy is facing
hard times, but it is imperative on us to act now,” he said. Lyons was elected in September and had his first official engagement on Saturday at the Lord Mayor’s Show – one of London’s longest-standing and most colourful traditions. The three-mile procession, consisting of 133 floats and 6,500 people, began near the Royal Exchange in Bank, and finished in Aldwych. £ READ THE LORD MAYOR IN HIS OWN WORDS ON PAGE 18
INSIDE FTX COLLAPSE P3 BADENOCH FLEXES LIBERALIST MUSCLES P6 SADIQ KHAN CALLS FOR RENT FREEZE P8 BURBERRY BACK IN FASHION P10 RETURN OF THE BLUE TICK P12
The new Elizabeth line now allows you to take one train all the way from Ealing Broadway to Canary Wharf in 34 minutes Bringing more of London together Faster than previous Elizabeth line journeys. Based on average off-peak journey times.