The Autumn Statement
Yesterday the Chancellor set out our plan to restore stability and tackle inflation in the Autumn Statement, while protecting public services, helping the most vulnerable with the cost of living, and investing to boost growth.
High inflation and slow growth are affecting economies everywhere due to the after effects of the pandemic and Putin’s illegal war in Ukraine. To achieve long-term, sustainable growth we need to grip inflation, balance the books, and get debt falling.
That is why our plan to restore stability and tackle inflation is fair and involves an equal split between tax rises and spending cuts, while protecting public services with an extra £11 billion for the NHS and schools, helping the most vulnerable with the cost of living, and investing to boost growth.
To protect the most vulnerable the chancellor has increased the national living wage, kept the "triple lock" on the state pension, uprated benefits in line with inflation, and ensured that cost of living energy payments for those on the lowest incomes will continue after April.
This is a plan that helps first the most vulnerable and also everyone else by restoring economic stability, tackling inflation, reducing Government debt, and getting borrowing down to manageable levels.