Jeremy Hunt: 'Path to stability depends on taking difficult decisions now'

The path to economic stability depends on “taking difficult decisions now”, Jeremy Hunt will warn MPs as he prepares to deliver his Autumn Statement in Parliament.

On Thursday, the chancellor will set out the Government’s fiscal plans at the despatch box in the House of Commons.

It comes amid economic turmoil, with household bills soaring and fears over rising interest rates.

In his speech, Hunt will insisted that his financial strategy will protect the UK’s long-term economic growth.

He will also pledge that the measures will be “compassionate” to the most vulnerable in society.

However, concerns have been raised over the impact of taxes being raised, while there have been calls for benefits to rise in line with inflation.

The chancellor has already spoken about the need for “difficult decisions” to be taken, with public services due to be cut.

Currently, the hole in public finances is estimated as being around £50bn, with the UK economy having shrank by 0.2% between July and September this year.

At Westminster, Hunt will vow that the Government’s policies will “work together” with the interest-rate rising Bank of England.

“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 chancellor will argue that “high inflation is the enemy of stability”, as it sends food and fuel bills soaring.

“It erodes savings, causes industrial unrest and cuts funding for public services,” he is to tell MPs.

“It hurts the poorest the most and eats away at the trust upon which a strong society is built.

“Families across Britain make sacrifices every day to live within their means and so too must governments because the United Kingdom will always pay its way.

“We are taking a balanced path to stability – tackling the inflation that eats away at a pensioner’s savings and increases the cost of mortgages to families, at the same time supporting the economy to recover.

“But it depends on taking difficult decisions now.”