Rising inflation 'thwarts any chance' of growth economy, the chancellor said, as he warns of tough tax hikes ahead.

Jeremy Hunt said he could in his autumn finances on Thursday.

It turned in response to rising food prices and strength, pushing UK inflation to a 40-year high of 11.1 to 100.

Mr. Hunt is expected to unveil an austerity plan on Thursday, putting more pressure on public offerings and finding extra money through taxes.

Her motion follows Liz Truss' price range in September, which announced tens of billions of pounds of unfunded tax cuts, which undermined market confidence in the UK's economic outlook.

"Covid's response and Putin's inv Ukraine depletes inflation in the UK and around the world,” Mr Hunt said.

"This insidious tax consumes paychecks, family budgets and financial savings, while thwarting any possibility of long-term monetary increase.

" It is our responsibility to help the Bank of England in its mission to bring inflation back to its target by acting responsibly with the finances of the kingdom. This requires some difficult but essential selections on taxes and spending to help balance the books.

period of time, sustained increase with excessive inflation. Tomorrow, I will present a plan to reduce debt, balance supply and lower inflation while protecting the most vulnerable. »

Mr. Hunt is expected to unveil a package of £25bn worth of tax hikes and £35bn spending cuts the following day in a bid to reassure economic markets of the UK's stability.

Income tax thresholds should be frozen, forcing more people to pay higher taxes, with comparable freezes on national insurance and inheritance tax.

There has also been speculation that Mr Hunt may reduce the threshold for the highest 45p charge from £150,000 to £125,000. The tax allowance for dividends and capital gains will also be reduced.

The Office for National Statistics says the reading of 11.1 cents equal to October 2022 inflation for the CPI was the best since October 1981. .

A breakdown of figures provided by the ONS found that inflation was higher for low-income families, at 11.9%, compared to 10, 5% for high-income families.

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The British Chambers of Commerce (BCC), which represents businesses, has said a "deadly mix of recession and runaway inflation" is coming. is turned into a snap until the Chancellor acts.

"As the Bank of England seeks to manipulate inflation via further hikes in interest charges, this is a a blunt tool that fails to tackle key inflation drivers for as many businesses as possible: skyrocketing electricity costs, supply chain disruption international supply and rising labor prices due to labor shortages,” said the director of the BCC. David Bharier.

“Ahead In the aftermath of today's Autumn Statement, businesses will have to look to a clear Chancellor's plan to boost investment and growth businesses, as well as targeted measures that mitigate the unique causes of inflation."