Tough Jeremy Hunt Budget ‘will hit Northern Ireland hardest’

Former Stormont finance minister Sammy Wilson, meanwhile, has warned that the policies could hit Northern Ireland harder than other UK regions due to the greater reliance on the public sector and difficulties associated with the Northern Ireland Protocol. The DUP MP is also calling for the government to ensure tax increases also target large corporations such as technology giants and oil companies.

Mr Hunt will insist to MPs today that his autumn statement puts the UK on a “balanced path to stability” as he tackles the “enemy” of inflation, which has soared to a 41-year high. Mr Hunt will say his “difficult decisions” are necessary to keep mortgage rates low and tackle the rocketing energy and food prices intensifying the cost-of-living crisis.

But Tories on the right of the party are already voicing anger about the prospect of raising taxes, while energy bill support is likely to be scaled back and public services face cuts. The chancellor will insist his strategy “protects our long-term economic growth” while being “compassionate” to the most vulnerable on society.

“We aren’t immune to these global headwinds, but with this plan for stability, growth and public services – we will face into the storm,” he is expected to tell the Commons. The long-awaited independent forecasts from the Office for Budget Responsibility (OBR) will also be published and are expected to detail bleak prospects for an economy teetering on a recession.

Mr Hunt will vow policies that will “work together” with the interest rate-rising Bank of England as he “makes sacrifices” to find up to £60 billion with cuts and tax hikes. His package will stand in contrast to the economic policies set out by his predecessor, Kwasi Kwarteng in the ill-fated so-called ‘mini budget’ that prompted a financial crisis.