Britain Is Embracing Austerity 2.0 As Recession Bites
TimeDec 24, 2022
The Facts
UK Chancellor of the Exchequer Jeremy Hunt released his Autumn Statement to the House of Commons and the British public on Thursday, which contained tax increases and spending cuts.
As expected, Hunt left the three main tax rates unchanged, although the £150K threshold to begin paying the 45% rate was slashed to £125,140 — a change that will affect approximately 250K people in the UK.
The Spin
Right narrative
In what has been a shocking year for the Conservatives, the Autumn Statement must be the beginning of a party fightback. Hoping to calm the markets and ease pressure on government borrowing, there is still time for the Conservatives to relaunch and win over a skeptical British public in the next 18 months. With hope, through Hunt and Sunak's short-term policies, in 2023, the party can return to its tax-cutting normality.
Left narrative
The Tories have no remorse, employing the austerity strategy used by George Osborne twelve years ago. Siding with oil and gas companies rather than helping the average person, we will all continue to pay the economic price for the Conservative party's continued failings within government.
