Hello and welcome to The Rundown, a podcast from Politics Home.

I'm your host, political editor Adam Payne, and this week there is only one story in town,

the autumn statement. Here with me to discuss what the Chancellor Jeremy Hunt announced on Thursday

is an excellent

selection of guests if we don't say to ourselves. Firstly, we have Angela Eagle, the Labour MP for

Wallacy, senior economist of the Institute for Government, Ollie Bartram, and Adam Hawkesby, interim

director at the Thin Tank onward. Now, before we get into a discussion about what the Chancellor announced in the House of Commons

yesterday, it's probably worth running through quickly just some of the standout policies

in that statement.

So when it comes to tax, taxes are going up, the threshold at which people pay the 45P

rate will be lowered from 150k to just above 125k.

Income tax thresholds will be frozen, which means millions more people paying tax.

More funding was set out for NHS and schools, but big spending cuts are planned.

However, interestingly, most of them are pen penciled in for after the next general election,

which of course is scheduled for 2024, raising questions about whether those cuts actually go ahead.

The cap on average household energy bills is going to rise to £3,000, meaning people face

paying more for their gas and electricity next year, but the windfall tax on energy

firms will rise from 25% to 35%. Pensions and benefits will rise in line with inflation.

Now, that follows lots of pressure from a number of Tory backbenches, as well as the opposition.

The National Living wage will increase from £9.50 an hour to £10, £10, £12.

There is lots, lots more, but the backdrop, the big picture is pretty bleak.

Living standards are expected to fall 7% over the next two years, the biggest fall on record.

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