A quick fall statement guide

It’s time for another big money announcement: the Autumn Statement. If you don’t follow the policy regularly, aren’t sure how it works or how it affects you, here’s a very simple introduction.

The government decides how much money it will be taxed and where that money will be spent, and announces the plans in a big speech in March each year.

The March Budget is supposed to be the main event and the Autumn Statement is a mid-year update on how things are going. But sometimes it is just as big and important, especially when things have changed a lot, like the arrival of a new prime minister, for example.

The UK Chancellor of the Exchequer is called the Chancellor of the Exchequer (the Exchequer is a fancy name for the government’s bank account). Right now, it’s Jeremy Hunt, who got the job after Kwasi Kwarteng’s “mini-budget” saw him sacked just weeks ago.

On both budget days there is a tradition of the chancellor showing off an elegant red briefcase to photographers. He takes it – with his speech inside – to the parliament where he announces all the changes he is making.

Liz Truss’s extremely short tenure as Prime Minister included Kwarteng’s “mini-budget” in September, and they had planned to follow it up with a proper autumn statement for Halloween. But the September announcements plunged the country into political and economic uncertainty, so things were delayed.

It’s been a wild few months for the UK economy and the government is looking to raise more money to cover a huge gap in its accounts. Hunt has already told the BBC that this means everyone will have to pay more tax.

He was brought in after the chaos of the mini-budget and was widely regarded as a safe pair of hands. He kept his job after Rishi Sunak became chief minister. Sunak was chancellor himself not long ago, so he will have his own ideas, but responsibility for the budget rests squarely on Mr Hunt’s shoulders.