Autumn budget statement – latest: Sunak and Hunt can only make ‘tiny tax cuts’, expert warns

The government will spend more than £300m to “unlock” £50bn of funds from UK pension funds, Chancellor Jeremy Hunt has said.

Called the Mansion House Reforms and announced by the Chancellor earlier this year, leading pension funds have agreed to invest 5% of their investments in early-stage businesses in the fintech, life sciences, biotech and cleantech sectors by 2030.

The move was proposed as a way to help boost the retirement savings of a typical earner who starts saving at 18 by 12% over their career, or more than £1,000 a year when they stop working.

Watch Rishi Sunak's talk in London on Monday 20 November.

The prime minister painted a more positive picture of the economy ahead of Wednesday's autumn statement, which Jeremy Hunt has signaled could be used to cut business taxes.

Mr Sunak hailed that last week he had delivered on his pledge to halve inflation as he gave an update on the state of the country's finances.

Chancellor Jeremy Hunt faces a worrying economic backdrop when he delivers his autumn statement to the nation on Wednesday.

Economic forecasts show growth stagnating and Britain teetering on the edge of recession – while the crisis of high prices and the cost of living continues to affect millions of hard-pressed families.

But last week Mr Hunt had a streak of good news as inflation halved over the past year, prompting him to say the economy had “turned the corner” and fueling expectations he will unveil tax cuts on Wednesday .

Michael Gove is pressing the Treasury for “adequate funding” for local councils, the veteran cabinet minister has said.

Speaking at a local government conference on Monday, the Communities Secretary said he was “doing his best to strengthen the Treasury and Number 10 some of the particular challenges facing local government”.

Ahead of the Chancellor's Autumn Statement on Wednesday, local councils are pushing for more funding to tackle a variety of pressures including social care, children's services and temporary housing.

Lord Cameron said the UK would continue to lead efforts to tackle food insecurity around the world as he closed the World Food Security Summit in London.

In his first major speech since becoming Foreign Secretary, the former Prime Minister said he would “put development at the heart” of the Foreign, Commonwealth and Development Office (FCDO).

“Food is the foundation of all aspects of development. Malnourished children can never fully develop their bodies and minds,” he said.

David Cameron received a warm welcome at a 1922 meeting of the Tory Parliamentary Committee in Parliament.

As well as the traditional clapping of desks as he entered, Lord Cameron greeted and welcomed Tory colleagues.

A large number of MPs turned up to hear Lord Cameron – including former Prime Minister Theresa May and several current ministers. “It's a bit like going back to school,” he said outside the room.

It is “too early” to say inflation has been beaten, despite data last week showing the prime minister's target of halving inflation had been met, the governor of the Bank of England warned.

Andrew Bailey, who sits on the rate-setting body, said inflation was still “very high”. It comes after last week's inflation data showed a group of goods and services rose in prices by about 4.6 percent in the 12 months to the end of October.

“While the inflation data for October released last week was welcome news, it is too early to declare victory. Inflation remains very high and we need to ensure that we get it to the 2 percent target,” he said.

Jeremy Hunt said his autumn statement on Wednesday would include a package of measures to boost business investment. Adam Forrest References.

The chancellor told the CBI conference that UK productivity was 15 per cent lower than Germany, partly because of skills training but also because of a lack of capital investment.

He promised “a whole range of measures designed to unlock business investment and close this gap”.

The chancellor gave nothing on tax cuts, saying only that the government was now “focused on growth” after halving inflation.

Mr Hunt will also have banana and honey porridge, followed by egg on toast, on the day of the autumn declaration (as he does on all the big days).

Stephen Hammond, deputy chairman of the Tory moderates One Nation group, warned Rishi Sunak not to try to circumvent human rights law with the Rwanda B deportation plan. Adam Forrest References.

The prime minister is said to be considering a “semi-skimmed” option, which would try not to apply the UK's Human Rights Act (HRA) to asylum applications, and a “full” option of using “independent clauses” to ignore the HRA. and the European Convention on Human Rights (ECHR) in a manner that is lawful.

“Leaving EDA would be a red line for One Nation [MPs] “The idea that we're going to be in a group with Russia is beyond incredible,” Mr Hammond told The Independent.

“I'm very wary of trying not to implement the treaties we've signed,” he said. “On [trying to disapply] the ECHR and the HRA, I would be very careful. It is the view of a large number of colleagues in the One Nation team.”

He added: “One of the things that has been most successful is conditions like the one with Albania, we need to have more of those so that people arriving by boat can be sent back.”