Jeremy Hunt plans £35bn spending cut amid recession warning

Britain could be plunged into its longest recession since 1930s, Bank of England warned

Jeremy Hunt will detail spending cuts totalling at least £35 billion in his autumn statement later this month, according to a report.

The chancellor is also expected to announce tax rises totalling at least £25bn in his statement on 17 November, which was pushed back from its original date of 31 October.

Some of the tax rises being considered include freezing income tax thresholds, targeting dividend tax relief, a raid on capital gains allowances and the 40 per cent pensions tax relief on pension savings for those earning more than £50,270, The Guardian reports.