Chancellor says 45% income tax rate to start at £125,000; windfall tax extension to raise £14bn; confirms UK now in recession
In the Commons Rishi Sunak is making a statement about the G20 summit. These statements are normally routine, and just summarise what was said or decided at the meeting. They don’t normally include fresh announcements.
Sunak started by talking about the missile incident in Poland. He said Russia attacked Ukraine with missiles on the day that he “confronted the Russian foreign minister across the G20 summit table”. He said the blame for the missile landing in Poland lay with Russia. Ukraine could not be blamed for defending itself, he said.
During the bombardment of Ukraine on Tuesday an explosion took place in eastern Poland. The investigation into this incident is ongoing and it has our full support.
As we’ve heard the Polish and American presidents say, it is possible the explosion was caused by Ukrainian munition which was deployed in self-defence.
In just a few moments the chancellor will build on these international foundations when he sets out the autumn statement, putting our economy back on to a positive trajectory and restoring our fiscal sustainability.