UK's Chancellor Hunt to Announce Fiscal Giveaways in Autumn Statement with 15% Below Forecast Borrowing, Tax Cuts, State Pension Hike, and Benefits Rise

The UK's Chancellor Jeremy Hunt is expected to announce fiscal giveaways in the Autumn Statement, as government borrowing is 15% below forecasts. Higher tax revenues have improved the government's finances, leading to expectations of tax cuts and increased spending. Both the current and potential future governments are considering tax cuts and spending choices, with an emphasis on reducing the tax burden and boosting economic growth. The Autumn Statement is seen as a political move, with the upcoming general election influencing the decisions. The Conservative Party is looking to cut taxes, and there are discussions about potential cuts in income tax and business taxes. The government's debt has reached £2.6tn, but the Chancellor is still expected to announce tax cuts and increases in state pension and benefits. The Autumn Statement is viewed as a significant political challenge for Chancellor Hunt, who is expected to balance political gains with fiscal responsibility.