This morning Chancellor Jeremy Hunt presented his first Autumn Statement in the House of Commons, unveiling a range of spending cuts and tax rises.

Chancellor Hunt told MPs that his economic plan will put the country on a path back to stability and tackle inflation which hit 11.1% (CPI) yesterday.

Key measures likely to impact Financial Planners and their clients included:

• Reduction in the additional-rate income tax threshold from £150,000 to £125,140 - a move which will mean more of the highest earners are subject to the 45p tax rate 
• Income tax thresholds to remain frozen until April 2028, two years longer than planned
• Inheritance Tax threshold freeze extended until April 2028 with the nil-rate band frozen at £325,000
• Capital Gains tax-free allowance halved to £6,000 for the 2023/4 tax year, with a further cut to £3,000 in the 2024/5 tax year
• Confirmation that the State Pension Triple Lock is to be retained for next year
• Confirmation that the Government's review on the State Pension age will be published in early 2023

Taxes as a proportion of national income will rise by just over 1% over the next five years, according to the Chancellor.

He acknowledged that the UK is now in recession and said things will get worse before they improve.

Despite some rumours to the contrary, Chancellor Hunt confirmed that there would be no change to the remit of the Bank of England.

The Office for Budget Responsibility (OBR) will publish its latest forecasts for the UK economy following the Autumn Statement later today. According to Chancellor Hunt, the OBR report will confirm that current inflation levels are predominantly caused by "global factors" and has forecast inflation falling to 7.4% next year.

One of the criticisms of the mini-Budget from predecessor Kwasi Kwarteng in September was than an OBR forecast was not prepared and released, surprising markets given the scale of the measures announced in his statement.