Rishi Sunak’s Chancellor of the Exchequer, Jeremy Hunt, has delivered an autumn statement, unveiling an economic plan that seeks to steady the UK’s economy and alleviate the pain of the cost of living crisis. The statement comes in a background of global economic turmoil, with inflation rising above 10 per cent in September. Global supply chain issues created in the aftermath of the COVID-19 pandemic have continued to limit supplies of vital produce, which is behind the rising inflation levels across the world. The Russian invasion of Ukraine has only exacerbated this issue, limiting supplies of grain and oil, and raising the price of energy bills across Europe. In this climate, it was necessary for Hunt to deliver a more sober budget plan to reduce inflation, but even while doing this, he has acknowledged the disproportionate impacts the cost of living crisis is having on poorer families.
The Autumn Statement announced that public spending would continue, signalling that the coming years would not see a return to austerity. Reports have shown that while the whole of British society uses public services, BAME people disproportionately rely on them. Therefore, increased funding for these services promises that these communities will not be left behind as the UK’s economy begins to grow.
In particular, Hunt reported that the school's budget will be increased by £2.3 billion each year. This will help state schools offer good education services to pupils over the coming years, but will also allow these schools to implement the findings of the Inclusive Britain report if required, helping to reduce racial disparities in early life and education, while giving every child the opportunity to succeed, regardless of ethnicity or background. In addition, the budget increase will allow adequate support for teaching staff, an issue with which the Scottish Government is currently struggling. More money has also been allocated to health and social care, seeking to boost the number of doctors and nurses employed by the NHS, and streamlining services to deliver efficient and high-quality care. With all staff members have worked through the unprecedented situation of the pandemic. Budget increases laid out here will help to alleviate the strain these healthcare workers have been facing over the past year.
The shadow chancellor of the Scottish Conservatives, Liz Smith said of the budget:
“Welcome honesty from the Chancellor about the challenges ahead and particularly welcome retention of the triple lock and additional support for education and health – all of which are priorities for the public”.
The global economic situation has worsened over the past year, and it is only natural that the UK finds itself in a difficult economic situation. However, it is encouraging that this Autumn Statement appears to be benefitting the nation’s economy, but also doing so in a way that continues necessary investment in education and health, vital services in Britain which look set to improve in the coming months, as a result of this budget.