Wage growth picks up by more than expected but jobless rate also rises
, according to the Bank of England, which believes the jobless rate could hit hit 6.5%.
The Truss government's growth plan exacerbated problems as financial markets called into question the UK's economic credibility, making imports more expensive through a collapse in the value of the pound.Other implications included a rise in fixed-term mortgage costs, adding to households' growing bill mountain.
Jeremy Hunt, the chancellor, will deliver his autumn statement to MPs on Thursday with little firepower to help alleviate the overall pain.'Taxes will increase for everyone' He told Sky News on Sunday that everyone faced higher taxes as the government, now led by Rishi Sunak, aims to take a more sustainable approach to the public finances.
It is believed the package will be designed to save about £50bn from annual borrowing in the medium term.
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